Mortgage Loan Compliance | A “Foreclosure Mess” or Just Fraud

News outlets are all buzzing with stories of robo-signers, produce the note, lost paperwork and more. Yahoo News wrote a article about a story that CBS’s 60 Minutes did this past Sunday exposing some of the players in this “foreclosure mess”, but no one is saying what has really happened – Fraud. To see the Yahoo article and 60 Minute Video goto http://news.yahoo.com/s/yblog_thelookout/20110404/bs_yblog_thelookout/the-foreclosure-mess-isnt-going-away

While all of this is great and awareness of mortgage compliance issues are growing, there still seems to be a veil that no one is looking through. In our abbreviated, texted crazed world it seems all too commonplace for everyone to give the truth a tagline or header instead of calling a spade, a spade - OMG.

If someone (Wall Street) lies to investors about the security that they are funding that is called fraud.

If someone (Lenders/Mortgage Brokers) tells borrowers’ they are buying a home or mortgage without explaining all the cost, fees, and risks involved that is fraud.

And if anyone presents forged or faked documents to the homeowner, investor, bank/lender, and especially the courts – well let us just call it like it is - Fraud.

Even though everyone knows that these are fraudulent acts it seems that no one can say the word fraud. Probes by all 50 State Attorneys General and other government agencies into banks' “foreclosure practices” carry the risk of fines and other major costs – LOL.

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