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Archive for the 'FHA Loan Fraud' Category

OIG Battles Fraud in HUD’s FHA Loans Program

June 28th, 2009 at 11:48pm

The Office of the Inspector General (OIG) is the taxpayers’ watchdog for large-scale fraud at the federal level. If ever there was a federal program whose funding should not be cut, it is the OIG.

Now, the special agent in charge of the OIG’s Crimination Investigation at HUD, the federal Housing and Urban Development that oversees FHA loans for low-income, first-time buyers, is sounding the alarm about fraud in the FHA loan program.

Speaking on a panel at the Government Housing and Loan Production Conference sponsored by the Mortgage Bankers Association, Special Agent Anthony Medici asserted that the higher loan limits for FHA loans are attracting more fraud. He cited the increase by 42% in the rate of 90-day delinquent FHA loans from fiscal 2007 to fiscal 2008. He also noted that past due FHA loans are now almost 14 percent.

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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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