More Mortgage Bad News
May 17, 2007Inman released an article today discussing the increase of suspected mortgage fraud is up 30% and that seems to be the beginning. In the article, they also provide you with MARI FRAUD INDEX graph of the top 10 states.
A very interesting article and it also tells you how the fraud is being caught. “Once a loan becomes delinquent, a lender may discover that it was made under false pretenses.” They also say what seems to be the biggest type of fraud; “The most common type of fraud in 2006 originations involved falsified employment histories and exaggerated income, MARI said.”
To read the full article head on over to Inman.
