Mortgage Fraud - MERS & The Forclosure Crisis

Any use of fraud or deception to manipulate true eligibility on a loan application represents mortgage fraud, a federal crime. Mortgage fraud goes by numerous names, such as wire fraud and bank fraud, and if indicted, can end in a prison sentence of as many as 30 years.

Numerous average examples of mortgage fraud are false record of employment, income inflation, false appraisal, and identity theft. Conversely, it also quite illegal for a bank to make false claims or deny data pertaining the loan to a potential borrower this is also fraud, commonly called predatory mortgage lending.

Under the Truth in Lending Act, a lender is accountable for submitting and explaining all terms of a mortgage to the home owner, Including interest rates and hidden fees.

MersCorp was formed in the early 1990s by the former C.E.O.s of Fannie Mae, Freddie Mac, Indy Mac, Countrywide, Stewart Title Insurance and the American Land Title Association.

http://www.mymortgagenote.org

Category:

News & Politics

Tags:

• mortgage
• fraud
• foreclosure
• crisis
• MERS