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New Mortgage Fraud Echoes the 2008 Financial Crisis

Tuesday, September 25, 2018   (0 Comments)
Posted by: Rae Brevard
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By: Jeff Yastine

Some things never change…

Mortgage fraud and lax lending standards helped spur the 2008 financial crisis. Remember the infamous NINJA loans of the era (as in “no income, no job or assets”)?

Like a bad horror movie, they’re baaack.

A decade after Lehman Brothers went bust, mortgage application fraud risk jumped 12.4% so far in 2018 compared to year-ago levels, say researchers at CoreLogic.

And the firm’s national mortgage application fraud index — which had been going sideways from 2011 through mid-2016 — recently hit a new record for this decade.

But unlike the pre-financial crisis era (stoked largely by brokers and lenders content to look the other way), today’s mortgage fraud comes with a twist. [more]

 


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