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Mortgage Fraud Spikes Before Stricter Rules Take Effect

By at least one measure, mortgage fraud was trending higher across the country in the third quarter of 2013 before tougher lending standards took effect this year. There was a 10.41 percent average increase throughout the country of possible fraudulent activity in loan applications between the second and third quarters of 2013, according to Kroll Factual Data, […]

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Major Trouble For Wall Street in 2014 on Mortgage Fraud Front?

The problems for Wall Street may just be getting started…. In the last three years, the six largest banks by assets on Wall Street have paid out over $85 billion in settlements related to the mortgage crisis. That breaks down to $40 million per day since March 2008, when JPMorgan Chase acquired Bear Stearns. While […]

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Mortgage Fraud Increasing In The East

According to a report from Interthinx, mortgage fraud risk rose 3.4% from 2011 to 2012. The report also found a shift in the likelihood of mortgage fraud happening now more on the East Coast rather than the West Coast. For example, seven of the top ten states where mortgage fraud risk was the highest were […]

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FinCen Announces Decline in Mortgage Fraud

Are things in the world of mortgage fraud getting better – or just changing? Approximately 69,000 reports of potential mortgage fraud surfaced in 2012, a steep 25% decline from 92,000 reports in 2011, Jennifer Shasky Calvery, director of the Financial Crimes Enforcement Network, said Monday. But this steep drop should not be construed as improvement across […]

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Court Rejects Mortgage Fraud Penalty In Unusual Case

TALLAHASSEE, Fla. (AP) – Judges cannot stop lenders from voluntarily withdrawing mortgage foreclosure cases as a ploy to avoid being penalized for submitting fraudulent documents under current judicial rules, the Florida Supreme Court said on Thursday. The justices, though, asked a court system committee to review the issue and make recommendations on possible rule changes […]

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Mortgage Fraud Culture – Walk of the Stars?

CHICAGO – Hardly a day goes by without a settlement between a bank and a U.S. government agency or regulator. The latest one is between Bank of America and the government-backed mortgage underwriter Fannie Mae: $3.55 billion in cash; $6.75 billion in repurchases of bad mortgages that Countrywide, later acquired by BoA, sold to Fannie; and […]

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