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Home | Tag Archives: Fraud

Tag Archives: Fraud

U.S. v. Shapiro: When is a Lie OK?

Three former traders from a financial services company are on trial for conspiracy and fraud regarding mortgage-backed bonds, but in a report this week by Bloomberg writers Chris Dolnetsch and Matt Scully, they discussed the interesting question the jury is being asked: when is a lie is considered deceiving and when is it not? The three were falsifying price information in order to get the money managers to pay a higher price and receive more money. The defense argues that deception is seen so often in the profession that it was a non-issue.

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Fraud Risk Increases Nationwide

Mortgage fraud risk is up across the country, according to the CoreLogic National Mortgage Application Fraud Risk Index (FRI) for Q1 2017. The FRI is a measure of loan-application level fraud risk in the mortgage industry, based on residential mortgage loan applications processed by CoreLogic Loan Safe Fraud Manager. The index jumped 8 percent in Q1, up to 132 from 113 a year ago and 122 last quarter.

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Fraud in Loan Apps Up in February

More lenders in February saw defects in mortgage applications compared to January, according to a new report by First American Financial Corp. The firm’s chief economist cited rising interest rates as the likely culprit. As rates rise, more borrowers are seeking ARMs, which are inherently riskier and, thus, ripe for more misrepresentation.

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Florida Man Receives 21-Month Prison Sentence for Fraud

white-collar-crime

A Florida man has been sentenced to 21 months in federal prison for a fraud scheme perpetrated against businesses and individuals seeking lines of credit, according to an announcement on Friday from Christy Romero, the Special Inspector General for the Troubled Asset Relief Program (SIGTARP).

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Florida Man Pleads Guilty to Mortgage Loan Mod Scam

fraud-scam

A Florida man pleaded guilty to fraud charges in connection with a home loan modification scam that targeted distressed borrowers, according to an announcement from Christy Romero, Special Inspector General for the Troubled Asset Relief Program (SIGTARP) and Stephen R. Wigginton, U.S. Attorney for the Southern District of Illinois.

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