California Real Estate Fraud Report

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10
May

Mortgage Fraud Statistics Are Bogus

An article in today’s issue of the Los Angeles Daily News reports that mortgage fraud declined by 41% in 2010. The article further explains that the numbers are “based on confirmed cases of fraud reported to the (LexisNexis Mortgage Asset Research) Institute by lenders and others in the mortgage industry.”

Below is my commentary on this report:

This mortgage fraud index is a faulty statistic. It is 100% dependent on reporting by lending institutions, which were the originators of much of the mortgage fraud that occurred. One might just as well ask foxes for an accurate count of the chickens in a hen house. All the lenders have to do is “report” less fraud and voila! – there is “less” fraud.
 
I know personally that the fraud departments of the major banks are extremely resistant to taking reports and evidence of mortgage fraud; they just don’t want to be bothered.
 
Read the original article in the Daily News.

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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