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This 3 page paper discusses mortgage fraud, gives an example of it, the impact on the industry, and suggests actions that can be taken to stop it. Bibliography lists 2 sources.
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3 pages (~225 words per page)
File: D0_HVMtgFrd.rtf
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be done about it. Discussion Mortgage fraud on the part of a lender most usually occurs when the company falsifies records to make it appear that the loan is affordable.
One example of this practice is the case of Mary Overton, who is now saddled with a mortgage payment that is "nearly triple the $825 or so she collects from
Social Security, her main source of income" (Der Hovanesian and Grow, 2007, p. 33). Obviously, no one would sign a contract for such an outrageous amount, since it is guaranteed
to end in foreclosure. Overton appears to have been caught in a mortgage industry that is dealing in devious practices because they are eager "to keep up loan volume and
generate sales" (Der Hovanesian and Grow, 2007, p. 33). Independent brokers have been accused of shoddy practices for years, but now it appears that big lenders are also involved, colluding
with the brokers to "falsify loan documents by beefing up income and lowballing outstanding debts" (Der Hovanesian and Grow, 2007, p. 33). There have even been charges that some lenders
are doing this on their own, without the brokers, using their employees in what resemble "boiler-room operations" (Der Hovanesian and Grow, 2007, p. 33). In this case, the lender involved
with Mary Overton is Ameriquest (Der Hovanesian and Grow, 2007). According to the FBI, "industry fraud hit a record $1 billion in 2006, with insiders--brokers and underwriters--accounting for 80% of
it" (Der Hovanesian and Grow, 2007, p. 33). But it appears that the abuse is actually far more pervasive, with the level of fraud expected to actually be closer to
six billion (Der Hovanesian and Grow, 2007). In Overtons case, which is now going to court, she charges that "loan officers at a Brooklyn (N.Y.) branch of Ameriquest coerced Overton
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