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MBA Study Examines Fraud Committed Against Mortgage Lenders
The Mortgage Bankers Association recently released a new study designed to inform and shape the debate surrounding important issues affecting the real estate finance industry.
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Existing Home Sales Hits 5 Year Low
Existing-home sales fell to the slowest pace in 5 years in August. According to the National Association of Realtors, liquidity issues in the mortgage market significantly contributed to the slowdown.
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4 Indicted in $8 Million Straw Buyer Scheme
Four individuals have been indicted for allegedly participating in a straw buyer scheme that involved at least 19 homes with loans of more than $8 million. According to the indictment, the participants allegedly recruited straw buyers with good credit to purchase homes for buyers that otherwise would not qualify for loans. The defrauded lenders included Washington Mutual and Fremont Investment and Loan.
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Former Employee Unknowingly Leaks Thousands of Client’s Personal Information
A former ABN Amro Mortgage employee unknowingly compromised the personal information of thousands of clients through a P2P file sharing program. The former employee reportedly compromised three spreadsheets containing more than 5,000 client records.
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Housing Starts Hit 12 Year Low
Housing starts fell 2.6 percent in August to a seasonally adjusted annual rate of 1.331 million units as the downswing in the housing market continued, according to figures released by the Commerce Department today. Starts were down 19.1 percent from a year earlier, falling to the lowest level in 12 years.
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