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The FBI has released its "2007 Mortgage Fraud Report." Its a fascinating study and quick read. It covers all the basic types of mortgage scams and cites statistics from several different sources. An excellent overview of the scope and magnitude of the problem, including a particularly fascinating description of "short sale" and "mortgage rescue" scams that are particularly popular in the current market climate.

Illinois (again), makes it into the national top ten for states most effected by such criminal activity.

Comments said…
Underwriters are keeping very busy these days asking the WAY out there questions (my latest - "Why does he want to live in that neighborhood when he's already living in a good neighborhood?") The truth is everybody's looking for a way to screw with the 'simple' nature of the transaction. Keeps the lawyers busy? No good reason why the city should exacerbate the delays, difficulties and impediments associated with an already horribly suffering segment of the economy. 'Course, what else would they do with themselves - be helpful? We are now dealing with a twisted version of the 'cry wolf' scenario, where all of us in the real estate profession have lost the trust and confidence of the public. So we'll have to jump through all kinds of crazy hoops to get some of it back... not that we started with much. Good luck to you.

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