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Politics : President Barack Obama -- Ignore unavailable to you. Want to Upgrade?

To: sylvester80 who wrote (34167)	9/22/2008 11:55:02 AM
From: tejek	Respond to of 149317

Wrong. A benchmark quarterly study released Monday by the mortgage industry's principal compiler of fraud reports, the Mortgage Asset Research Institute, found that the number of cases jumped by 42 percent between the second quarter of 2007 and the same period this year. They ranged from fabricated income verifications and credit reports to falsified employment records, financial assets illegally "rented" to buyers to beef up their loan applications, inflated appraisals, straw-buyer scams and a wide variety of hanky-panky schemes among sellers and purchasers designed to fool lenders. The highest numbers of fraud reports in the second quarter came from Florida, California, Maryland, Illinois and Michigan. Fraudulent attempts may have increased YoY but the banks are no longer going along with it. Applications are getting rejected left and right. That's one of the reasons housing sales are down. Look I sold real estate in the late 90s in CA. There were always one or two lenders who were less than diligent in reviewing mortgage applications. There were always a couple of mortgage brokers you knew who could get a 'difficult' loan put together. It was a very small part of the business even in CA. However, in a very few years, that all changed......most lenders in major markets like CA and FLA began to play loose and fast with the facts. What was a minor part of the business became THE business. Now its all going back to what it was.