Online Tools For Mortgage Fraud
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As the past couple of years have shown, mortgage fraud is pervasive in the lending and real estate communities. What was the wild west last year as mortgage lending institutions were willing to loan any amount of money on a nod and a wink, now the standards are tightening up.
However there are a crop of online mortgage fraud tools that are popping up to circumvent the more restrictive lending standards that are being instituted. It looks like the arms race is just beginning between mortgage lenders, the credit agencies, FICO, and borrowers willing to skirt the law.
The New York Times did a big story on online mortgage fraud tools today.
The sites, for example, offer better credit scores by hitching customers to a stranger’s credit card, or providing them pay stubs from a bogus company. One has even offered a well-stocked bank account to rent for a month or two.
Industry experts say these sites, which are relatively new, played a role in fueling the rampant mortgage fraud that has caused a huge spike in loan defaults in recent months because people bought homes they could not afford.
“There is a whole underground world — an online cottage industry — that has grown up that allows anyone to commit mortgage fraud,” said Constance Wilson, executive vice president at the financial fraud detection firm Interthinx. via New York Times.
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Comment by Louisa Ip on 8 April 2008:
I was scammed by Andrew Mason, a proclaimed retired plastic surgeon. He talked about building MedSpa around the US and the world. He promises 35% cash return or 10% liability investment return. I signed up the 10% investment deal. He said he would put up his property as security and that he would be paying the mortgages and all expenses. At the end/ before 12 months, he would transfer the loan and give me 10% of the total loan amount. As of today, the 2 loans are 2 months late. Don’t trust this person!
Comment by Louisa Ip on 8 April 2008:
I was scammed by Andrew Mason, a proclaimed retired plastic surgeon. He talked about building MedSpa around the US and the world. He promises 35% cash return or 10% liability investment return. I signed up the 10% investment deal. He said he would put up his property as security and that he would be paying the mortgages and all expenses. At the end/ before 12 months, he would transfer the loan and give me 10% of the total loan amount. As of today, the 2 loans are 2 months late. Don’t trust this person!
Comment by fly wall on 2 May 2008:
andrew mason was sentenced to 2 terms of 15 years in a florida doc prison