Citation

Burning Down the House: Mortgage Fraud and the Destruction of the U.S. Economy

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Abstract:

Mortgage fraud is, essentially, bank robbery without a gun. Residential mortgage fraud played a substantial role in the inflationary stage of the real estate bubble and, because fraudulently originated loans almost universally end in foreclosure, it is one of the primary causes of the current economic crisis. Fraud in the United States is committed by organized rings, street gangs, terrorist organizations, drug traffickers, local real estate professionals and your neighbors. Street-level crime, ranging from vandalism and arson to prostitution, drug trafficking and violent crimes against persons, moves in with mortgage fraud. Despite severely reduced origination volumes, the incidence of fraud is rising precipitously because of desperation, the lack of effective government and lender prevention protocols, and economic stabilization efforts that have unintentionally made fraud easier to commit. The foreclosure and economic crises will not end until fraudulent loans are no longer funded, but that will not happen until we adopt robust "zero tolerance" policies that identify and prevent the diversion of additional funds into the hands of criminal profiteers.
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Association:
Name: ASC Annual Meeting
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http://www.asc41.com


Citation:
URL: http://citation.allacademic.com/meta/p372908_index.html
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MLA Citation:

Fulmer, Ann. "Burning Down the House: Mortgage Fraud and the Destruction of the U.S. Economy" Paper presented at the annual meeting of the ASC Annual Meeting, Philadelphia Marriott Downtown, Philadelphia, PA, <Not Available>. 2014-11-28 <http://citation.allacademic.com/meta/p372908_index.html>

APA Citation:

Fulmer, A. "Burning Down the House: Mortgage Fraud and the Destruction of the U.S. Economy" Paper presented at the annual meeting of the ASC Annual Meeting, Philadelphia Marriott Downtown, Philadelphia, PA <Not Available>. 2014-11-28 from http://citation.allacademic.com/meta/p372908_index.html

Publication Type: Conference Paper/Unpublished Manuscript
Abstract: Mortgage fraud is, essentially, bank robbery without a gun. Residential mortgage fraud played a substantial role in the inflationary stage of the real estate bubble and, because fraudulently originated loans almost universally end in foreclosure, it is one of the primary causes of the current economic crisis. Fraud in the United States is committed by organized rings, street gangs, terrorist organizations, drug traffickers, local real estate professionals and your neighbors. Street-level crime, ranging from vandalism and arson to prostitution, drug trafficking and violent crimes against persons, moves in with mortgage fraud. Despite severely reduced origination volumes, the incidence of fraud is rising precipitously because of desperation, the lack of effective government and lender prevention protocols, and economic stabilization efforts that have unintentionally made fraud easier to commit. The foreclosure and economic crises will not end until fraudulent loans are no longer funded, but that will not happen until we adopt robust "zero tolerance" policies that identify and prevent the diversion of additional funds into the hands of criminal profiteers.


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