· Hundreds of Wall Street Execs Went to Prison During the Last Fraud-Fueled Bank Crisis. September 15th marked the fifth anniversary of Wall Street giant Lehman Brothers going into bankruptcy, which precipitated the Great Recession that lingers on today – it.
Mortgage Fraud a Problem, Even in Housing Downturn: FBI – Fraud was a problem on the way up in many housing markets, to be sure, but FBI’s report signals an interesting shift towards the effect of the housing downturn on mortgage fraud activity, which is.
To even. fraud from becoming a massive problem. In context, Assistant Director Chris Swecker meant he believed the FBI could stay focused on mortgage fraud to prevent fraud from becoming the major.
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The FBI says it has arrested about 300 real estate industry players since March — including dozens over the last two days — in its crackdown on incidents of mortgage fraud that have contributed.
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· Another key enabler of mortgage fraud was that regulators faced incentives which promoted a “competition in laxity” or “race to the bottom.” These incentives helped the worst abusers “weaponize” regulatory agencies, by using these agencies to prevent investigation into their practices by other agencies that were not captured.
The FBI wouldn’t name individuals or companies under scrutiny, but confirmed that it is looking at cases where the disclosures of incentives "haven’t made it all the way to the ultimate lender," says William Stern, financial crimes supervisor for the FBI in Palm Beach County, Fla., and the bureau’s former national mortgage-fraud coordinator.
The United states subprime mortgage crisis was a nationwide financial crisis, occurring between 2007 and 2010, that contributed to the U.S. recession of December 2007 – June 2009. It was triggered by a large decline in home prices after the collapse of a housing bubble, leading to mortgage. The problem was that even though housing prices were going through the.
· During the housing bubble, banks falsified documents on a massive scale in order to issue as many toxic subprime loans as possible. This was straightforward mortgage fraud, and the current wave of fraud in the foreclosure process is covering it up. In 2004, the FBI sounded the alarm about an “epidemic” in mortgage fraud. This was right at the beginning of the real subprime explosion-things.