Relevant:
- Appraisal Fraud and the Impact of Valuation on Foreclosure Defense
- Home Valuation Code of Conduct
- FHA Short-Sale Program may have Cost HUD $1 Billion in False Claims
- National Valuation Service - Appraiser Cooperative - Implements FHA Compliant Solutions for Brokers and Lenders
- Appraisers say cheaper valuations open door for short-sale abuses
2010-06-10 — businessweek.com
“As constituted now, the program permits home valuation, the key vulnerability point for a flopping scheme, without a true appraisal,†he wrote. “No program of this type and scale can be considered well designed without robust protections of taxpayer funds against the predation of criminals, particularly given the inconsistent treatment of home valuation.â€
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Comments:
mortgagemess at 20:53 2010-06-10 said:
What did they expect? Do they do background checks on realtors? How about credit checks? So where would you go if you lost your mortgage license due to poor credit and a background check but you knew how to "fraud" the system? YEP...go be a realtor..where the standards are low enough to get by the system once again!....Oh..and don't forget to go to a state that allows non attorneys to open up a title shop...this way you could fraud 2 out of the 3 parts of the equation.... Permalinkadd a comment | go to forum thread
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