1 in Every 200 Home Mortgages is Fraudulent???
A San Jose bankruptcy attorney comments on fraudulent home mortgages...
Bay Area residents and San Jose bankruptcy attorneys may or may not be surprsed that, according to First American CoreLogic, one in every 200 residential loans funded last year involved fraud nationwide. That equates to about $14 billion in fraud.
Although a shocking number to be sure, apparently this reflects a decline over the past three years and, according to First American, an approximate decrease of 25% since its third quarter '07 peak.
Among many factors, one end result is banks having to buy back millions in loan fraud from investors, which inturn means lenders getting more on the ball where curtailing mortgage fraud is concerend. A note not to be overlooked is a fact that during the boom, standards were lower as such many loans were made sans applicant info verification.
A recent article quoted Tim Grace, SVP of fraud analytics at First American CoreLogic, as stating “In 2010, 2011, and 2012 you won’t see nearly the amount of [fraud] reports that you’re seeing today.” Let's hope for the best, South Bay.
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