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Mortgage Fraud In NC

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Eric Boggs

Sophomore Member
Feb 23, 2002
Professional Status
Certified Residential Appraiser
This was in the news here in Charlotte, NC.


Mortgage fraud case called FBI's largest

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Elite Member
Jan 15, 2002
Professional Status
Licensed Appraiser
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

Elite Member
Jan 17, 2002
Professional Status
Certified Residential Appraiser
North Carolina
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

Senior Member
Jan 15, 2002

<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

"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.


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