Types of Mortgage Fraud

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Economy & Finance Business

Bear Stearns “Types of Mortgage Fraud” John L. Gray Fraud Prevention

Georgia (First State to make Mortgage Fraud a Felony) ,[object Object],[object Object]

Definitions Of Mortgage Fraud ,[object Object],[object Object],[object Object]

New Trends“Puffing”, Investment Straw Buys (Clubs), Shot-gunning and Foreclosure Bail-outs ,[object Object],[object Object],[object Object]

Investment Straw Buys (Clubs) ,[object Object],[object Object],[object Object],[object Object]

Shot-gunning ,[object Object],[object Object],[object Object],[object Object],[object Object]

Foreclosure Bail-out ,[object Object],[object Object],[object Object],[object Object]

Seller/Correspondent/Broker Approval Process ,[object Object],[object Object],[object Object],[object Object],[object Object]

Fraud Program ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Fraud Program continued ,[object Object],[object Object],[object Object],[object Object],[object Object]

Financial Frauds- Devastating ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Amerifunding “Air Loan” Case ,[object Object],[object Object],[object Object]

“ Air Loans” ,[object Object],[object Object],[object Object]

Double Sold Mortgages ,[object Object],[object Object],[object Object],[object Object]

Detection of “Air Loans” and Double Sold ,[object Object],[object Object],[object Object],[object Object]

"Flips" ,[object Object],[object Object],[object Object],[object Object]

Example of Flipping Buyer A buys property from HUD for $10,000 Buyer B buys property from “A” for $100,000 (no rehab) Split $80,000 Bear Res reviews appraisal, Charges off $80,000 Property only worth $10,000 Bear Res approves buyer B for 90 LTV loan

Baltimore “Flipping” Case ,[object Object],[object Object]

Straw Buyer ,[object Object],[object Object],[object Object],[object Object]

Builder Bailout ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Foreclosure Bail-out and Builder Bail-out ,[object Object]

Detecting a Straw-buy ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Detection of a “FLIP” ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Detection of a Builder Bail-out ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Closing Comments and Questions ,[object Object],[object Object],[object Object],[object Object]

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