California Real Estate Fraud Report

You have just entered the #1 private-sector resource on the Internet for real estate fraud. In doing so, you have voluntarily left the dimension of the conventional real estate world and crossed over to the Dark Side, the realm where greed, dishonesty and evil are the order of the day. Sign up for a free subscription to this comprehensive news resource and receive weekly, timely news reports about real estate fraud, mortgage fraud, short sale fraud, REO fraud, title fraud, loan fraud, appraisal fraud, affinity fraud, loan modification scams, securities fraud and elder financial fraud.


Scathing Criticism of Fannie Mae and Freddie Mac by FHFA-OIG

The Office of the Inspector General (OIG)  for the Federal Housing Finance Authority (FHFA) says the two agencies allowed fraud in the inspections of its foreclosed properties (REO fraud).

The OIG noted that both Fannie Mae and Freddie Mac did not provide proper oversight of the vendors conducting inspections. It sited once instance where an inspection report appears to have been copied from another one. Other red flags were property photos that did not match property descriptions and blurry photos.

My simple (and obvious) solution to the vendors engaging in fraud: a permanent ban from REO property assignments and a claw-back of the fees they earned by dishonesty. It will never happen, of course, just as the Fannie Mae and Freddie Mac employees in charge of oversight will keep their jobs and move on to new promotions without so much as a mark on their personnel records.

Read the original article on HousingWire.

© Copyright 2007-2017 Monique Bryher

Legal Disclaimer.

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.

ALL RIGHTS RESERVED. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording or by any information storage and retrieval system, without written permission from the author, except for the inclusion of BRIEF QUOTATIONS in a review.


Copy Protected by Chetan's WP-Copyprotect.