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Who is going to perform the due diligence?

Who is going run the active role in reworking troubled homeowner loans?

Will the industry be allowed to have "Willful Blindness" to these transactions as well?

The “F” word “Fraud”, more specifically “Mortgage Fraud”, been there and done that, not a as a “fraudster” but a victim and I’ve paid for the crimes of those who’ve done so without my knowledge. I tried very hard to educate the industry to learn from my mistakes, my naiveté, and my inexperience in dealing with criminals who know exactly how to work the system, and make others like you and I pay for their crimes.

The implication is clear: almost every piece of processing and approving a loan in the mortgage origination transaction had been affected. My investigation revealed that not only had the loan officer and team of assistants been at the root of the problem, but the wholesale investor mortgage company, the real estate agent, the appraisers, title closers, the credit reporting agency were all involved! It is very clear today how far the conspiracy reached?

It seemed incredible to me that the problem could be so systemic. It is the proverbial tar pit: You could discover that underwriters working for the wholesale mortgage investor were waiving standard closing conditions or not asking for standard closing conditions then approving loans giving them the “clear to close” without obtaining the proper required documentation.

Had these underwriters and management at the wholesale mortgage investor diligently performed their duties by ensuring that each borrower had satisfied the wholesale mortgage investor, FNMA, Freddie Mac and FHA’s lending criteria, then a majority number of these loans might never have been closed and funded?

The biggest question for today’s bailout of home mortgages is who is going to perform the due diligence?

Together we need to learn what it takes to stop mortgage fraud, at every level of the real estate playing field that mortgage fraud exists and to avoid becoming a victim we must be vigilant about combating fraud at every step.

"An American Epidemic” Mortgage Fraud-A Serious Business by Michael S. Richardson, Author

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