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Tuesday, June 26, 2007
Front page Money section
This chart illustrates how mortgage fraudsters change their scams to adapt to prevention and detection advances.
Front page Money section
This chart illustrates how mortgage fraudsters change their scams to adapt to prevention and detection advances.
CNN HEROES: HOMEOWNER UNCOVERS MORTGAGE FRAUD
- Former lawyer, stay-at-home mom investigates suspicious home sales
- She uncovers scam known as illegal flipping involving team of criminals
- 15 of the flippers in her area were arrested, some sentenced to 30 years
Catching Fraudsters
..."I was at a presentation, which talked about the integration of all the various tools into a useable product through a joint agreement between MERS and Interthinx."
..."I was at a presentation, which talked about the integration of all the various tools into a useable product through a joint agreement between MERS and Interthinx."
Getting Rid of Fraud for Good...
"A new business model holds the key to revolutionizing the mortgage industry and ending all mortgage fraud. Fraud is expensive and not just for its immediate victims. Recent data indicate that it costs us all a lot more than previously thought. In fact, fraud is at the core of the whole housing crisis."
"A new business model holds the key to revolutionizing the mortgage industry and ending all mortgage fraud. Fraud is expensive and not just for its immediate victims. Recent data indicate that it costs us all a lot more than previously thought. In fact, fraud is at the core of the whole housing crisis."
Start Your Engines...
"Over the course of the last decade, our field has experienced many of the same changes in terms of added complexity. There is widespread confusion as to the 'appropriate specialty tool'...To bridge the gap, a new specialty solution recently entered the marketplace..."
"Over the course of the last decade, our field has experienced many of the same changes in terms of added complexity. There is widespread confusion as to the 'appropriate specialty tool'...To bridge the gap, a new specialty solution recently entered the marketplace..."
TECHNOLOGY TO AVOID THIS
..."An excellent prefunding audit is the best prevention tool," emphasized Connie Wilson, executive vice president of Interthinx. "It's mandatory to use a fraud prevention tool, but you also need to verify that the borrower is working where they say they are as well..."
..."An excellent prefunding audit is the best prevention tool," emphasized Connie Wilson, executive vice president of Interthinx. "It's mandatory to use a fraud prevention tool, but you also need to verify that the borrower is working where they say they are as well..."
MORTGAGE FRAUD: NEW AND IMPROVED...
..."But several scams still are effective, according to Jim Ronan of Interthinx, a provider to lenders of fraud-prevention services..."
..."But several scams still are effective, according to Jim Ronan of Interthinx, a provider to lenders of fraud-prevention services..."
LOAN DATE FOCUS OF PROBE ... “When you securitize a pool of loans, you vouch for the quality of those loans,” said mortgage-fraud expert Constance Wilson of software firm Interthinx, Inc. So they may be saying that if in fact Countrywide was aware of any [borrower]…
OVERSTATING INCOME HELPED SINK MORTGAGE INDUSTRY ...“For the first time, the industry is getting a real-time look at the scope of mortgage fraud, and these numbers are staggering,” said a statement by Kevin Coop, president of Interthinx...
BORROWERS KEEP FUDGING THE FIGURES…Interthinx, a fraud detection firm, says it found suspiciously high incomes on many applications as recently as December. It flagged them as it reviewed 1 million applications from consumers reapplying for loans after being denied...
REAL ESTATE RIP-OFF: How Lehman Brothers was swindled out of $50
million. Regulators call it fraud for profit. Real estate insiders refer to it as scamming for cash. Lehman Brothers (nyse: LEH - news - people ) isn't calling it anything at all--or saying anything about being swindled out of upward of $50 million.
The U.S. Attorney in Los Angeles says the scam was masterminded by developers Charles Elliot Fitzgerald and Mark Alan Abrams, with help from Joseph Aram Babajian, real estate broker to such stars as Warren Beatty, Ryan Seacrest and Harrison Ford. Five people have been indicted on multiple charges of fraud and conspiracy. Between 2000 and 2003 the defendants allegedly stole tens of millions of dollars by inflating the values of homes.
The U.S. Attorney in Los Angeles says the scam was masterminded by developers Charles Elliot Fitzgerald and Mark Alan Abrams, with help from Joseph Aram Babajian, real estate broker to such stars as Warren Beatty, Ryan Seacrest and Harrison Ford. Five people have been indicted on multiple charges of fraud and conspiracy. Between 2000 and 2003 the defendants allegedly stole tens of millions of dollars by inflating the values of homes.
Focus on Fraud
Urban Myths and Legends
June 15, 2010
National Mortgage News Online
By Ann Fulmer
Vice President, Interthinx
By Ann Fulmer
Vice President, Interthinx
Urban myth: (n) a story that appears mysteriously and spreads spontaneously in various forms and is usually false. This statement, by a purported fraud expert, reflected the prevailing attitude among lenders when it was published...
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