How 2 Buy a House

If you are looking to get your mortgage broker to look the other way when applying for a loan, forget about it. The instances of mortgage fraud by professionals is down by 41 percent from 2009 to 2010. The days of liars loans going through and pressure by mortgage lenders to find a way of making the loan work have passed.

But there is a flip side to this. Mortgage fraud overall has increased. The misrepresentations and scams being committed overall is picking up as the economy continues to struggle. With 9 percent unemployment, and 18 percent underemployment, people are struggling. And when they are struggling they will do whatever it takes to look after themselves and their family.

And in this environment fraud will run rampant. If the options in someones mind is to commit a serious crime or scam a bank to put food on the table you know what the person will most likely do.

The institutions are getting wise to the costs of mortgage fraud also. Instead of just considering it a cost of doing business they are aggressively attacking the problem with new technology and analytics.

“Fraudsters thrive on inadequacies within lengthy loan-related processes and a lack of consistency across organizations and/or industries that help them hide their true motives,” the LexisNexis analysts said. “Technology has enabled faster loan production through automation, ease of processing, and analytics. Industry professionals have keen knowledge of those processes, which makes it much easier to manipulate protocols in place to thwart adverse activities.”

James said mortgage businesses “are quickly trying to implement new procedures to detect emerging frauds while, at the same time, focusing their energies on recovering the huge financial losses of recent years.” via Housing Wire

Mortgage fraud will always be around. There is too much money at stake and to be honest the penalties are low compared to other ways people could steal at this level. What is reassuring is that the industry now is actively confronting the problem and that the instances are declining rapidly.

Thanks for reading this post. If you would like to see more articles like this, please come visit The Real Estate Bloggers. where it was originally published.

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A conservative videographer and his girlfriend went to the Maryland and Washington DC ACORN offices acting as a pimp and a prostitute looking to finance a whorehouse with ACORN’s help. What is amazing at these 2 offices the counselors gave them advice on how to do so and fake the income and tax form requirements for getting a home loan. Oh, and they also had no problem with the fact that they were bringing in underage Salvadorian girls to work in these cathouses.

Now to give ACORN it’s due, their representative sent me a press release saying that 5 offices these videographers went to turned them down cold, but to me that means 29 percent of ACORN housing counselors will give the advice to lie on a mortgage application for getting a whorehouse open.

Below are the videos of the advice these folks are giving out so freely…

Washington DC ACORN Office

Baltimore ACORN Office

Thanks for reading this post. If you would like to see more articles like this, please come visit The Real Estate Bloggers. where it was originally published.

Need To Finance A Whorehouse, See ACORN For Advice

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