By Michael S. Richardson
michaelr@preventmortgagefraud.com
Mortgage Fraud. It truly is an American Epidemic. Epidemic may sound like a strong word, but after considering the latest figures on real estate fraud and foreclosures, you may feel the word isn’t quite strong enough. Mortgage Fraud! It truly is an American Epidemic. Epidemic may sound like a strong word, but after considering the latest figures on real estate fraud and foreclosures, you may feel the word isn’t quite strong enough. My hope was the industry cared enough and would understand the heart of this problem and assist me in my fight to prevent mortgage fraud by supporting my efforts. Very few cared or supported my efforts. I had been in business for almost 25 years, and a successful person until as a business owner became a victim of mortgage fraud in 2004, I owned a mortgage company and Real Estate Company and I lost my companies over this issue and the fraudsters are still out there working the system. As you might imagine, I have been devastated, the guilt by association has made me feel at times shameful, depressed, and alarmed. I have felt betrayed, violated, and taken advantage of by white-collar criminals, with most of them still operating today! I predicted the the Mortgage and Real Estate Industry driving down the same road as the S & L crisis in the 80's, you have to ask why this issue was swept under the table along the way by many industry agencies and professionals again and why it is not being controled today. Although some executives talked about mortgage fraud but they never really invested in the proper steps to prevent mortgage fraud. Even now mortgage fraud is still alive and well, why? "Willful blindness" and greed was and is the heart of mortgage fraud and it expresses the contention that the industry exhibits. Obvious fraud and wrong doing has been ignored at so many levels of a real estate transaction for so long by industry professionals it has allowed real estate fraud and foreclosures to flourish to an unknown size even in 2008. I wonder why congress brings in the senior executives of the major companies that were the source of the problem to help explain or fix the issue. The country and industry also needs to review the illegal Hispanics piece of the housing market downfall, most likely 10-20% of them had obtained homes, legally or illegally. Then when the crackdown of illegal immigrants started the majority of them abandoned their homes in fear of being deported and others stopped buying homes. This would mean a large percentage of the foreclosures are from the on going immigration dispute and it also has halted other immigrants legal or not from buying a home. The homeowner that was ready to sell and move up to the next level and in a lot of cases buy a new home could not sell. In my opinion the politicians without thinking the issue all the way through assisted in the collapse of the housing market and mortgage fraud created the other large piece. I agree we need to do something about illegal immigration but it is clear to me not the way it is being done today. Now my prediction sadly became reality in 2007 & 2008, mortgage executives did not pay attention to the warnings signs and now hundreds of thousands are paying the price, emotionally loosing homes, a colapsing housing industry and a questionable economy!
With twenty-five years of experience in the mortgage and real estate business, author Michael S. Richardson discovered fraud within his own company. Michael never thought it could happen to him, but it did. Don’t become a victim of fraud.
I had written this book "An American Epidemic Mortgage Fraud-A Serious Business” on mortgage fraud in 2005 and predicted the current situation. I toured the country teaching a "Focus on Fraud" workshop tour in 2005 & 2006 to provide knowledge and teach how to prevent mortgage fraud. I had even written courses with tests the industry could have used, but chose not too.
It can be controled and limited!
The point I am trying to make is we could correct the waning housing market by allowing the illegal immigrants to obtain a legal I.D., a tax I.D. number and to buy homes for those that are working, have the proper credit history and qualify for a mortgage.
If you read the recent reports mortgage fraud is alive and well today, when does it get brought under control, when does the members of the industry with integrity decide they have had enough?
Follow the advice in An American Epidemic and you might safeguard your interests as well as prevent mortgage fraud one transaction at a time!
"An American Epidemic" Mortgage Fraud-A Serious Business
By Michael S. Richardson
michaelr@preventmortgagefraud.com
You can purchase this book at:
You can register to take my online mortgage fraud course at:
www.vaned.com
