Industry News

Cleaning the Augean stables: obstacles to fighting loan fraud

Part 3 of 5: Inside real estate's fraud crisis
Published on May 24, 2006

Editor's note: In this five-part series, Inman News examines the rising tide of mortgage fraud in the U.S., giving an overview of the problem, describing how it works, explaining obstacles to fighting it and describing technologies that combat it and legislation that aims to defeat it. To read the entire five-part report, "Inside real estate's fraud crisis," with two bonus stories, subscribe to Inman News. A Realtor from a small rural town in Indiana stood before the microphone in the convention hall, his palms pressed together in front of him as if in prayer. "I've been to the D.A. I've called the FBI and they told me they couldn't help me. What can I do?" he asked. The speaker was an attendee at a mortgage fraud presentation in San Francisco at a National Association of Realtors convention in October 2005. "Because we're small potatoes, I can't get the FBI. But this (mortgage fraud) is having a big impact on our community," the man said. "When we talk to the FBI, they are only conce...

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