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Coronasteve
1496 Posts |
 Posted - 08/26/2008 : 05:21:28 AM
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from CNN Money
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."
The regulatory agencies, he said, are overwhelmed. But the FBI did step up its efforts to combat mortgage fraud recently. In June, its Mortgage Fraud Task Force arrested more than 400 mortgage brokers, lenders, appraisers and other industry insiders responsible for more than $1 billion in losses.
more in link
http://money.cnn.com/2008/08/25/real_estate/soaring_mortgage_fraud/index.htm?postversion=2008082606 |
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darkstar
18082 Posts |
Posted - 08/26/2008 : 05:34:43 AM
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>>>>In June, its Mortgage Fraud Task Force arrested more than 400 mortgage brokers, lenders, appraisers
At that rate it should only take them 12.5 yrs to clean up the biz! :-)
Aren't they arresting previous offenders more so than new ones?...I think this Same industry, same problems is misleading... |
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sxassy
231 Posts |
Posted - 08/26/2008 : 06:10:43 AM
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| Apparently the guys from c-wide plead not guilty yesterday. It seems like more arrests will come just because the mortgage business is the flavor of the month. |
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Mandyvilla
3405 Posts |
Posted - 08/26/2008 : 07:19:37 AM
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This is the same press release one of the appraisers posted earlier, only it was a Ken Harney column. At least CNN did not include a quote by Garber that was inaccurate, like Harney's column.
Troubled homeowners were mislead by the Harney article, in that Garber stated it was mandatory for lenders to write down their loans come October 1. Even more interesting, Harney didn't correct him. |
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homebroker@sbcgl
3435 Posts |
Posted - 08/26/2008 : 07:41:34 AM
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These guys have ulterior motives
quote:
Originally posted by Mandyvilla
This is the same press release one of the appraisers posted earlier, only it was a Ken Harney column. At least CNN did not include a quote by Garber that was inaccurate, like Harney's column.
Troubled homeowners were mislead by the Harney article, in that Garber stated it was mandatory for lenders to write down their loans come October 1. Even more interesting, Harney didn't correct him.
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