Sheila Bair says the FDIC is gathering momentum to go after past mortgage fraud in the lending industry and is pursuing more than 100 home mortgage fraud cases, and is investigating another 4,000 more.
Watch out mortgage brokers from the past. Karma in the name of an F a D an I and a C looks like it may be knocking/busting down your door sometime soon.
Regarding mortgage fraud, Bair said the FDIC’s inspector general has brought hundreds of criminal cases and is aggressively pursuing more that are related to mortgage lending.
She said the inspector general has nearly 180 active cases. About 40 percent of those cases are mortgage fraud related, involving potential losses of $7.5 billion.
“That’s big money,” Bair said.
Ya’ll also need to check into Southern Mortgage of Arkansas & New South Federal Saving Bank. How they took a 5.5% and took it to a 11.4%. They defrauded the Ederly and I thought there was a law against that. My 77 year old Mother never saw the RESPA until the lady came out to sign final papers. Now Southern Mortgage of Arkansas ran back to Lousiana after taking advantage of hundreds of people like us. They ought to have to pay for what they did to people and all the foreclosures now. Please look into them.
Thanks