Freddie Mac alerts real estate agents to rising short sale fraud

U.S. Bancorp resolves repurchase obligations with Freddie Mac U.S. Bancorp has entered into an agreement with government-sponsored enterprise freddie mac that resolves substantially all repurchase obligations related to representations and warranties made on loans sold to Freddie Mac between 2000 and 2008. After adjusting for credits related to prior repurchases, U.S. Bancorp will make a one-time $53 million cash payment to Freddie Mac, [.]

REAL ESTATE FRAUD SCHEMES Equity Skimming (or equity stripping): A false appraisal, inflated purchase price, an unrecorded lien, or any combination of the three, are used to get quick cash. After creating fake equity, or eliminating any real equity that the property may have, the fraudsters take off with

e.g., short sale negotiators Appraisers or other. builder clients, real estate agents and others with whom you conduct business. Updating, maintaining, and following comprehensive written underwriting procedures.. fraud Mitigation Prevention Best Practices Freddie Mac.

Critics have blamed much of the mortgage meltdown on management of Fannie and its counterpart, Freddie Mac. For his part. Gary Crabtree was a real estate appraiser in Bakersfield, California, who.

Now let’s look at what Freddie Mac’s "opinion" of how fraud is enacted. A seller (delinquent borrower) owes $100,000 on a property that is worth $80,000. Hmmm..I wonder how that value is obtained. Oh yeah it’s by a lender designated real estate agent who gets a few bucks for giving a BPO. No investor representations here.

is a more sophisticated version of mortgage fraud because it involves real estate agents, appraisers, lenders, and closing agents or attorneys. Some examples of fraud for profit include flipping, straw buyers, bogus sales, inflated appraisals, and air loans.

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This type of fraud is usually defined as loan origination fraud. Mortgage fraud also includes schemes targeting consumers, such as foreclosure rescue, short sale, and loan modification. accountants.

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With short sale fraud on the rise, Freddie Mac has been getting a high volume of calls, so they are setting out to communicate with Realtor associations as well as individual agents about these.

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According to a member of Freddie Mac’s Fraud Investigation Unit, a slight variation of our general definition of mortgage fraud also defines short payoff fraud – "Any misrepresentation or deliberate omission of fact that would induce the lender, investor or insurer to agree to the terms of a short payoff that it would not approve had all.

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