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There have been several Mortgage related Identity Theft cases reported recently. In such cases, criminals stole various sensitive personal information from their victims, such as social security number and driver’s license, in order to qualify for mortgage loans. In one recent case, the Identity thief actually made timely monthly payments on the loan. The victim did not become aware of the situation until he received a refund check for closing costs of a mortgage that he had never requested! You cannot help but wonder: how many similar mortgage related Identity Theft cases remain undiscovered?

Through the end of 2008, it is estimated that as many as $1 Trillion in adjustable rate mortgages (ARM) will adjust for the first time. In October of 2007, it is estimated that More…

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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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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…

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