The fight against mortgage fraud
First, the bad news: MORTGAGE fraud is widespread in our industry today. The statistics speak for a story clear. An article in USA Today, October 4, 2005, said the Federal Bureau of Investigations (FBI) has been reported, there were 642 cases of mortgage fraud during the first half of 2005 against 534 in 2004. Banks, in their reports on suspicious activities (SARS), 12100 incidents documented in the first nine months of 2004 compared to 4220 for the year 2001. According to a Mortgage Bankers Association (MBA), press advisory on June 30, 2005, Georgia Attorney General Thurbert Baker reported that mortgage fraud affects all types of housing - all to the agenda of several houses villas dollars . This level of fraud is a wake-up call for our industry.
Now, let’s look at the good news. As head of the mortgage banking, we have the possibility proactively. We have the strength and will to fight against this form of fraud. Having said that, we know that in the last year, the problem has been compounded by minors, have declined and credit quality standards on the fact that funds had not once two or three years
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