National Association of Home Builder (NAHB) looks at the industry’s part in Mortgage Fraud |
Sunday, 30 November 2008 |
Housing Giants Magazine - Mortgage Check
âAs many builders begin to feel the pressure to liquidate their inventories to meet the demands of their construction contracts and loan terms some revert to decretive practices and fraudulent measuresâ¦.Fraud has become the tool of desperation that companies individuals use to maintain lifestyles, livelihoods and bottom lines, says a recent fraud report. Since the housing bubble has burst, the number of fraudulent loans issues during the first three months of 2008 skyrocketed 42 percent compared to the same period in 2007, according to the same August report from the Mortgage Asset Research Institute (MARI).â âIt becomes almost like racketeering because everybody went along with it, even the small builders,â says Janet Ahmad, president of Homeowners for
Better
Building. Read more Mortgage Check
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