Ok Wagner;
Please explain how the solutions you offered will stop the three things listed in this article?
#1 The most common type of fraud that MARI found pertained to employment history and income. Many applications exaggerated how much borrowers earned and misrepresented their job descriptions.
#2 The biggest increase came from a jump in the number of undisclosed or incorrectly reported debts, liens and judgments.
#3 Most fraud involves average home buyers whose lending officers feel compelled to tweak their applications. But some involves criminal enterprises.
Quote:
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Originally Posted by Wagner
Possible solution in:
Make lenders responsible for the value. If they appraise and loan money based on a 'value' they must honor that same value, regardless of market, for any refinancing or other adjustment measures as long as the paper stays with the originating bank.  |
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