Mortgage Fraud In NC

[Eric Boggs]

This was in the news here in Charlotte, NC.

http://www.charlotte.com/mld/charlotte/new...cal/3242100.htm

Mortgage fraud case called FBI's largest

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[David C. Johnson]

Thanks, Eric.

Good find.

Regards,

David C. Johnson, Raleigh, NC

 

[Karl]

U think that MAYBE Appraiser's contacting Senators CongressPersons News Media ETC ETC have something to do with these investigations?? Lets keep it up Be nice to see a report from each state. We have some Appraiser's recieve Cease & Decease orders. Couple Mortgage Co's have Vanished. Keep up the pressure

 

[Doug in NC]

Maybe if they would have had a required real appraisal in their file, this could have been avoided. Did the company manufacture appraisals too, or has FHA gotten in on the "steamlined" appraisal process like FNMA & fhlmc? Maybe they used a $50 waiver to get around it.

 

[David C. Johnson]

Forum:

<span style='color:darkblue'>Here are some selected quotes from the article:

"Federal authorities said the homes did not exist
and the lots were usually vacant."

"The conspirators received more than $21 million
through their placement of false mortgages in
mortgage-backed securities sold by First
Beneficial Mortgage Corp. and guaranteed
by the United States, according to the
indictment."

"The 18-month investigation, conducted by the
FBI, the Internal Revenue Service and HUD,
is continuing."

"Some estimate mortgage fraud accounts for
about $30 billion in losses annually."

Not only would</span> real estate appraisals, it appears legitimate, responsible collateral securitization practices might even free up a few FBI agents for keeping our country a bit safer -- a good place to start would be the opening of full investigations of the North Carolina Appraisal Board (NCAB) and the Illinois Office of Banks & Real Estate (OBRE) -- some of these old boys have been begging for a little time in federal prison for many years. I believe it's getting to be about time to oblige them.

Regards,

David C. Johnson, Member of FAIR
NC State-Certified General R.E. Appraiser[/color]