Is Identity Theft To Blame For Rising Mortgage Delinquencies?
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Yesterday, Federal Reserve Bank chairman, Ben Bernanke, vowed to crackdown on mortgage loan abuses. Although Identity Theft may have played a role in Mortgage Loan abuses, other factors have also contributed to rising delinquencies. In a previously published article, we emphasized that despite a substantial increase in Mortgage Fraud Suspicious Activity Reports (SARs) from 1996 to 2006, as published by the Financial Crimes Enforcement Network (FinCen), Mortgage Loan Fraud SARs for 2006 comprised less than 0.1% of total mortgage applications for the year. In addition, FinCen discovered that less than 1% of all Mortgage Loan Fraud SARs were characterized by Subprime Loans.
Nevertheless, once Mortgage Loan Fraud occurs, …More…
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