The white paper focuses on ways that financial regulators and the industry can detect, investigate, and deter third party mortgage fraud. The paper provides some background information on third party residential real estate RE mortgage fraud and discusses the primary motives for this type of fraud. It also includes a...
WASHINGTON (Reuters) - The FBI's investigation into potential corporate fraud in the U.S. home mortgage industry now encompasses 21 companies, up from 19 reported in April, a bureau spokesman said on Wednesday. "It's up to 21 now," FBI spokesman Jason Pack said. He...
Larry MacDonald submits: It’s one of those days that could reinforce the skeptic’s view of the capitalist system. Four of the ten most-read articles today on the website of the Globe and Mail deal with white-collar crime in the U.S. and Canada: 1. Hundreds swept up in...
Michael Steinberg submits: The Wall Street Journal “U.S.-Backed Mortgage Program Fuels Risks” reports that the FHA is allowing new home builders to use “nonprofits” to circumvent down payment requirements. To a lesser extent, existing home sellers are following the trend. FHA requires a 3% down payment, which cannot be provided...
