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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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There have been numerous reports published regarding losses associated with Identity Theft. Victims of Identity Theft typically incur three types of losses: A- direct financial losses B- cost of time losses C- emotional stress losses.

Direct financial losses are typically measurable and concrete. The latest Identity Theft Task Force Strategic Plan, released in April, emphasized the importance of making victims whole on time spent to deal with damage resulting from becoming an Identity Theft victim. Although…More…

Technorati Tags: identity theft, identity fraud, identity theft protection, business, crime, security, insurance fraud, Credit Card Fraud,  Identity Theft Task Force, Strategic Plan 

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William Poole, President of the St. Louis Federal Reserve remarked in February (when addressing Subprime lending problems): “Some of this lending probably involved actual fraudulence….”. Some took such comments to mean that the recent problems we have witnessed in Subprime lending, and the ensuing stock market declines, have been caused primarily by mortgage lending fraud. Although mortgage lending fraud has been on the increase in recent years, and both Identity Theft and Identity Fraud are contributors to mortgage lending fraud, data suggests that such factors are a small contributor, not a major one… More…

Technorati Tags: identity theft, identity fraud, identity theft protection, greenspan, business, bernanke, wall street, federal reserve, stock market, economy, subprime, fed funds, finance, loan fraud, mortgage loan fraud,

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