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Brian
Posts:2240
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| 08/26/2008 8:09 AM |
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What the news means:
1) plenty of stealth inventory in the pipeline.
2) plenty of stealth inventory being created by the fraud taking place.
3) the buyers of today will be the defaulters a couple years later.
4) the bottom is still far off.
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Prime Mortgages Worsen
Soaring Mortgage Fraud
Mortgage fraud is still soaring, according to a new report from the Mortgage Asset Research Institute (MARI), a division of ChoicePoint. (CPS)
The study found that the number of fraudulent loans issued during the first three months of 2008 skyrocketed 42% compared with the same period in 2007.
The big jump was a surprise even to MARI. "We were stunned," said spokeswoman Jennifer Butts. "It shows that some folks [in the industry] are desperate."
Same industry, same problems
"The reality is that the industry's structure has not changed," said Bill Garber, a director of government affairs for the Appraisal Institute trade group. "Mortgage brokers are paid on commission; loan officers are rewarded for volume. There are the same pressures to get things done." |
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TotoMMB66
Posts:99
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| 08/26/2008 10:43 AM |
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I personally hope to prove your #3 contention wrong...Also, it seems there are obviously two groups out there: buyers (legitimate folks who are truly looking for a place to live or invest in) and scamsters (those still working the fraud angles). I do think the middle has been shrinking, those folks buying above their means. Until the banks change their ways, dishonest people will continue to abuse them.
Also, they're talking about the 1st quarter...I'm real curious what happend in the 2nd... |
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showboat
Posts:67
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| 08/26/2008 8:21 PM |
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| Wow Brian, this is really shocking news! I assumed that the tightening of the lending industry was having an affect on mortgage fraud... but not in this direction! |
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