Fraud And The Subprime Mortgage Crisis

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Fraud and the Subprime Mortgage Crisis

Author : Tomson H. Nguyen
Publisher : LFB Scholarly Publishing
ISBN 13 : 9781593326661
Total Pages : 195 pages
Book Rating : 4.3/5 (266 download)

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Book Synopsis Fraud and the Subprime Mortgage Crisis by : Tomson H. Nguyen

Download or read book Fraud and the Subprime Mortgage Crisis written by Tomson H. Nguyen and published by LFB Scholarly Publishing. This book was released on 2011 with total page 195 pages. Available in PDF, EPUB and Kindle. Book excerpt: Nguyen examines mortgage fraud as an inherent part of the subprime mortgage crisis. He traces the exponential growth of mortgage fraud to the loose underwriting standards, alternative loan products, and inadequate regulation and regulatory oversight of the subprime mortgage industry. He describes the various financial crimes constituting mortgage origination fraud, a form of fraud involving fraud for profit, fraud for property, and predatory lending. The accounts of mortgage frauds by industry insiders presented in this book provide a chilling view of the criminal implications of an unregulated financial industry. Nguyen proposes several broad recommendations highlighting the need to recognize the potential for insider fraud, enhance government regulation and oversight, tighten loan qualification requirements, and increase standards of underwriting.

Fraud and the Subprime Mortgage Crisis

Author : Tomson Hoang Nguyen
Publisher : LFB Scholarly Publishing
ISBN 13 : 9781593324537
Total Pages : 0 pages
Book Rating : 4.3/5 (245 download)

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Book Synopsis Fraud and the Subprime Mortgage Crisis by : Tomson Hoang Nguyen

Download or read book Fraud and the Subprime Mortgage Crisis written by Tomson Hoang Nguyen and published by LFB Scholarly Publishing. This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Nguyen examines mortgage fraud as an inherent part of the subprime mortgage crisis. He traces the exponential growth of mortgage fraud to the loose underwriting standards, alternative loan products, and inadequate regulation and regulatory oversight of the subprime mortgage industry. He describes the various financial crimes constituting mortgage origination fraud, a form of fraud involving fraud for profit, fraud for property, and predatory lending. The accounts of mortgage frauds by industry insiders presented in this book provide a chilling view of the criminal implications of an unregulated financial industry. Nguyen proposes several broad recommendations highlighting the need to recognize the potential for insider fraud, enhance government regulation and oversight, tighten loan qualification requirements, and increase standards of underwriting.

Mortgage Crisis

Author : David Adel
Publisher : David Adel
ISBN 13 : 143274335X
Total Pages : 114 pages
Book Rating : 4.4/5 (327 download)

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Book Synopsis Mortgage Crisis by : David Adel

Download or read book Mortgage Crisis written by David Adel and published by David Adel. This book was released on 2009-08-11 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt: I am going to talk about my experiences at accredited home lenders where I was underwriting sub prime mortgages and the crazy and insane lending that I saw, things that will really shock and make you realize why we are in a complete financial mess. I will also talk about the mortgage broker world and how they made money along with the kinds of fraudulent practices that were everywhere, I will also talk about how lenders just looked the other way and funded the loans that are in default now.

Subprime Mortgage Fraud and the U.S. Economic Crisis

Author : Tomson Hoang Nguyen
Publisher :
ISBN 13 : 9781109320657
Total Pages : 217 pages
Book Rating : 4.3/5 (26 download)

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Book Synopsis Subprime Mortgage Fraud and the U.S. Economic Crisis by : Tomson Hoang Nguyen

Download or read book Subprime Mortgage Fraud and the U.S. Economic Crisis written by Tomson Hoang Nguyen and published by . This book was released on 2009 with total page 217 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economists, industry practitioners, and government officials have failed to observe the significance of mortgage fraud as an inherent problem related to the subprime mortgage crisis. Relying on intensive interviews with 23 subjects, previously and currently employed in the subprime lending industry, government reports, media accounts, and a variety of secondary sources, this study traces the exponential growth of mortgage fraud to loose underwriting standards, alternative loan products, and inadequate regulation and regulatory oversight of the subprime mortgage industry. The research findings detail and describe various types of financial crimes that constitute a modern form of mortgage fraud; unlike their traditional counterpart, contemporary mortgage fraud contain elements of both fraud for profit and fraud for property. Various types and patterns of mortgage fraud - "data manipulation," "data fabrication," and "concerted ignorance"--Completely altered the function of the subprime industry. Toward this end, the industry operated not only to provide bad loans to bad credit borrowers but also to provide bad loans to bad credit borrowers who fully lacked the ability to repay the loans. The social and economic implications of fraud are also explored in light of the findings. From a policy perspective, future fraud prevention and intervention strategies should incorporate a multi-faceted approach that includes strict underwriting standards, regulatory oversight, accountability, and mandatory continuous education for loan practitioners.

Greed, Fraud and Ignorance

Author : Richard Bitner
Publisher :
ISBN 13 : 9780981457406
Total Pages : 197 pages
Book Rating : 4.4/5 (574 download)

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Book Synopsis Greed, Fraud and Ignorance by : Richard Bitner

Download or read book Greed, Fraud and Ignorance written by Richard Bitner and published by . This book was released on 2008-03-01 with total page 197 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Confessions of a Subprime Lender

Author : Richard Bitner
Publisher : John Wiley & Sons
ISBN 13 : 0470402199
Total Pages : 159 pages
Book Rating : 4.4/5 (74 download)

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Book Synopsis Confessions of a Subprime Lender by : Richard Bitner

Download or read book Confessions of a Subprime Lender written by Richard Bitner and published by John Wiley & Sons. This book was released on 2008-06-16 with total page 159 pages. Available in PDF, EPUB and Kindle. Book excerpt: Former subprime lender Richard Bitner once worked in an industry that started out helping disadvantaged customers but collapsed due to greed, lack of financial control and willful ignorance. In Confessions of a Subprime Lender: An Insider's Tale of Greed, Fraud, and Ignorance, he reveals the truth about how the subprime lending business spiraled out of control, pushed home prices to unsustainable levels, and turned unqualified applicants into qualified borrowers through creative financing. Learn about the ways the mortgage industry can be fixed with his twenty suggestions for critical change.

The Financial Crisis Inquiry Report

Author : Financial Crisis Inquiry Commission
Publisher : Cosimo, Inc.
ISBN 13 : 1616405414
Total Pages : 692 pages
Book Rating : 4.6/5 (164 download)

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Book Synopsis The Financial Crisis Inquiry Report by : Financial Crisis Inquiry Commission

Download or read book The Financial Crisis Inquiry Report written by Financial Crisis Inquiry Commission and published by Cosimo, Inc.. This book was released on 2011-05-01 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.

Understanding the Securitization of Subprime Mortgage Credit

Author : Adam B. Ashcraft
Publisher : DIANE Publishing
ISBN 13 : 1437925146
Total Pages : 76 pages
Book Rating : 4.4/5 (379 download)

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Book Synopsis Understanding the Securitization of Subprime Mortgage Credit by : Adam B. Ashcraft

Download or read book Understanding the Securitization of Subprime Mortgage Credit written by Adam B. Ashcraft and published by DIANE Publishing. This book was released on 2010-03 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides an overview of the subprime mortgage securitization process and the seven key informational frictions that arise. Discusses the ways that market participants work to minimize these frictions and speculate on how this process broke down. Continues with a complete picture of the subprime borrower and the subprime loan, discussing both predatory borrowing and predatory lending. Presents the key structural features of a typical subprime securitization, documents how rating agencies assign credit ratings to mortgage-backed securities, and outlines how these agencies monitor the performance of mortgage pools over time. The authors draw upon the example of a mortgage pool securitized by New Century Financial during 2006. Illustrations.

White Collar Crime in Housing

Author : Cynthia Koller
Publisher : LFB Scholarly Publishing
ISBN 13 : 9781593326029
Total Pages : 175 pages
Book Rating : 4.3/5 (26 download)

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Book Synopsis White Collar Crime in Housing by : Cynthia Koller

Download or read book White Collar Crime in Housing written by Cynthia Koller and published by LFB Scholarly Publishing. This book was released on 2012 with total page 175 pages. Available in PDF, EPUB and Kindle. Book excerpt: Subprime lending and mortgage fraud spread rapidly throughout the United States financial services sector during the 1990s and early 2000s, and in turn have been credited with contributing to an unprecedented global financial crisis. Koller, using diffusion theory as an interpretive framework, utilizes industry insider insights to examine how and why these innovative lending and fraud strategies diffused so quickly and deeply throughout the housing industry. She also assesses the viability of contemporary criminological and diffusion theories to explain the creation and control of white collar crime opportunities. Koller concludes that not only was the housing crisis predictable, it may have been preventable.

Corporate Fraud and Corruption

Author : M. Krambia-Kapardis
Publisher : Springer
ISBN 13 : 1137406437
Total Pages : 245 pages
Book Rating : 4.1/5 (374 download)

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Book Synopsis Corporate Fraud and Corruption by : M. Krambia-Kapardis

Download or read book Corporate Fraud and Corruption written by M. Krambia-Kapardis and published by Springer. This book was released on 2016-04-08 with total page 245 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent large-scale corporate collapses, such as Lehman Brothers, Enron, Worldcom, and Parmalat, highlight the implosion of traditional models of fraud prevention. By focusing on risk factors at the micro level, they have failed to take into account the broader context in which external auditors operate as well as the crucial importance of such factors as corruption, organizational culture, corporate social responsibility, ethical values, governance, ineffective regulation, and a lack of transparency. Corporate Fraud and Corruption engages readers by showing how evidence-based, multi-level micro and macro analysis of fraud risk and protective factors inform effective fraud prevention, in turn minimizing financial catastrophes. Krambia-Kapardis focuses on her own empirical research into the aetiology of fraud to showcase a holistic approach to fraud prevention. This book also features major case studies from the United States, the United Kingdom, and Australia.

Diffusion of Innovation and Fraud in the Subprime Mortgage Market

Author : Cynthia Koller
Publisher :
ISBN 13 :
Total Pages : 170 pages
Book Rating : 4.:/5 (69 download)

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Book Synopsis Diffusion of Innovation and Fraud in the Subprime Mortgage Market by : Cynthia Koller

Download or read book Diffusion of Innovation and Fraud in the Subprime Mortgage Market written by Cynthia Koller and published by . This book was released on 2010 with total page 170 pages. Available in PDF, EPUB and Kindle. Book excerpt: White-collar crime in the form of fraud in the subprime mortgage market has been credited with contributing to the current global financial crisis. Subprime lending is a relatively new phenomenon, and its use and abuse spread rapidly throughout the financial industry over the past two decades. This project examines (1) the growth in subprime lending and fraud in the United States mortgage industry; (2) how industry practitioners perceived, utilized, and reinvented the subprime innovation for legitimate and fraudulent use; and (3) the potential of contemporary criminological and diffusion theories to extend our understanding of white-collar crime opportunity structures. Using diffusion of innovations theory as an interpretive framework, insight into how and why opportunities diffuse throughout a business system is provided, and the opportunity perspective of white-collar crime is extended.

A Perfect Storm

Author : New York (State). Temporary Commission of Investigation
Publisher :
ISBN 13 :
Total Pages : 110 pages
Book Rating : 4.:/5 (334 download)

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Book Synopsis A Perfect Storm by : New York (State). Temporary Commission of Investigation

Download or read book A Perfect Storm written by New York (State). Temporary Commission of Investigation and published by . This book was released on 2008 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Big Money Crime

Author : Kitty Calavita
Publisher : Univ of California Press
ISBN 13 : 0520219473
Total Pages : 284 pages
Book Rating : 4.5/5 (22 download)

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Book Synopsis Big Money Crime by : Kitty Calavita

Download or read book Big Money Crime written by Kitty Calavita and published by Univ of California Press. This book was released on 1999-05-25 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: An in-depth scrutiny into the American savings and loan financial crisis in the 1980s. The authors come to conclusions about the deliberate nature of this financial fraud and the leniency of the criminal justice system on these 'Gucci-clad white-collar criminals'.

House of Debt

Author : Atif Mian
Publisher : University of Chicago Press
ISBN 13 : 9780226271651
Total Pages : 0 pages
Book Rating : 4.2/5 (716 download)

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Book Synopsis House of Debt by : Atif Mian

Download or read book House of Debt written by Atif Mian and published by University of Chicago Press. This book was released on 2015-05-20 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Great American Recession resulted in the loss of eight million jobs between 2007 and 2009. More than four million homes were lost to foreclosures. Is it a coincidence that the United States witnessed a dramatic rise in household debt in the years before the recession—that the total amount of debt for American households doubled between 2000 and 2007 to $14 trillion? Definitely not. Armed with clear and powerful evidence, Atif Mian and Amir Sufi reveal in House of Debt how the Great Recession and Great Depression, as well as the current economic malaise in Europe, were caused by a large run-up in household debt followed by a significantly large drop in household spending. Though the banking crisis captured the public’s attention, Mian and Sufi argue strongly with actual data that current policy is too heavily biased toward protecting banks and creditors. Increasing the flow of credit, they show, is disastrously counterproductive when the fundamental problem is too much debt. As their research shows, excessive household debt leads to foreclosures, causing individuals to spend less and save more. Less spending means less demand for goods, followed by declines in production and huge job losses. How do we end such a cycle? With a direct attack on debt, say Mian and Sufi. More aggressive debt forgiveness after the crash helps, but as they illustrate, we can be rid of painful bubble-and-bust episodes only if the financial system moves away from its reliance on inflexible debt contracts. As an example, they propose new mortgage contracts that are built on the principle of risk-sharing, a concept that would have prevented the housing bubble from emerging in the first place. Thoroughly grounded in compelling economic evidence, House of Debt offers convincing answers to some of the most important questions facing the modern economy today: Why do severe recessions happen? Could we have prevented the Great Recession and its consequences? And what actions are needed to prevent such crises going forward?

The Monster

Author : Michael W. Hudson
Publisher : Macmillan
ISBN 13 : 1429940042
Total Pages : 397 pages
Book Rating : 4.4/5 (299 download)

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Book Synopsis The Monster by : Michael W. Hudson

Download or read book The Monster written by Michael W. Hudson and published by Macmillan. This book was released on 2010-10-26 with total page 397 pages. Available in PDF, EPUB and Kindle. Book excerpt: Who killed the economy? A page-turning, true-crime exposé of the subprime salesmen and Wall Street alchemists who produced the biggest financial scandal in American history "It's hard to have a guilty conscience if you don't have a conscience. Anything that benefited production - that benefited me and benefited my wallet - I'd do it." The sales force at Ameriquest Mortgage took this philosophy to heart. They watched the Hollywood white-collar-crime flick "Boiler Room" as a training tape, studying how to pitch overpriced deals to unsuspecting home owners. They learned how to forge signatures on mortgage paperwork and create fake documents in "cut-and-paste" operations they dubbed "The Lab" or "The Art Department." In this stunning narrative, award-winning reporter Michael W. Hudson reveals the story of the rise and fall of the subprime mortgage business by chronicling the rise and fall of two corporate empires: Ameriquest and Lehman Brothers. As the biggest subprime lender and Wall Street's biggest patron of subprime, Ameriquest and Lehman did more than any other institutions to create the feeding frenzy that emboldened mortgage pros to flood the nation with high-risk, high-profit home loans. It's a tale populated by a remarkable cast of the characters: a shadowy billionaire who created the subprime industry out of the ashes of the 1980s S&L scandal; Wall Street executives with an insatiable desire for product; struggling home owners ensnared in the most ingenious of traps; lawyers and investigators who tried to expose the fraud; politicians and bureaucrats who turned a blind eye; and, most of all, the drug-snorting, high-living salesmen who tell all about the money they made, the lies they told, the deals they closed. Provocative and gripping, The Monster is a searing exposé of the bottom-feeding fraud and top-down greed that fueled the financial collapse.

The Crooks Who Stole Your House

Author : Bill Kirkendale
Publisher : Outskirts Press
ISBN 13 : 9781478736349
Total Pages : 107 pages
Book Rating : 4.7/5 (363 download)

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Book Synopsis The Crooks Who Stole Your House by : Bill Kirkendale

Download or read book The Crooks Who Stole Your House written by Bill Kirkendale and published by Outskirts Press. This book was released on 2014-07-25 with total page 107 pages. Available in PDF, EPUB and Kindle. Book excerpt: CROOKS, SCOUNDRELS AND THIEVES...THE AMERICAN BANKING INDUSTRY IN THE 21ST CENTURY ... This is a book about all the skulduggery and fraud that was used by the banks in America to steal your home during the subprime Mortgage crisis. If you owned a house during this time or own one now You Need to Read this book...

America's Housing and Financial Frauds

Author : Rodney Stich
Publisher : Silverpeak Enterprises
ISBN 13 : 0932438555
Total Pages : 793 pages
Book Rating : 4.9/5 (324 download)

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Book Synopsis America's Housing and Financial Frauds by : Rodney Stich

Download or read book America's Housing and Financial Frauds written by Rodney Stich and published by Silverpeak Enterprises. This book was released on 2008-10-25 with total page 793 pages. Available in PDF, EPUB and Kindle. Book excerpt: "America's housing and financial frauds reveals the frauds at every level of the housing, appraiser, broker, lender level, and the frauds by Wall Street firms packaging expected-to-fail mortgages into financial instruments. And the regulators and members of Congress that made possible the nation's worst financial crisis"--Publisher's website