Preventive measures for flood prevention
A sharp increase in mortgage fraud, the FBI warning, for a possible epidemic in the sector. We will have a look, as crimes multibillion-dollar could have an impact.Heavy Rain can be a nightmare owner. We have ways to protect your house and the cellar there are floods.
And if money is scarce stay tuned. Personal finance expert Jean Chatzky has advice for making these payments mortgage. Continue on Open House. Hello and welcome to Open House. I `m Gerri Willis. Many homebuyers bought huge houses and large debts. Gelockt by low interest rates. For more information you have at home, you can Personal Finance, expert and author Jean Chatzky is here to help.
But first, the FBI, said fraud being rampant in the mortgage industry. The `s the word from a press conference late Friday. Assistant FBI Director Chris Swecker said the mortgage market booming, with low interest rates high and values at home have criminals on the mortgage.
CHRIS SWECKER, FBI criminal investigation DIV.: The mortgage fraud is now a major national initiative for us, because we have almost the whole territory as an epidemic. And I think it has much to be done if the volume of mortgage refinancings that have occurred in recent years with low interest rates. And there are some insurance for these rogue traders who are in this fraud.
WILLIS: a common bought a property and then evaluate fraudulently valued much higher than it `s actually worth it. It `s quickly sold, and the mortgage remains the owner of property worth less than the loan.
Well, the FBI, said the number of investigations of mortgage fraud has jumped five times in the past three years. In other words, at this moment, there are more than 500 probes of the outstanding mortgage fraud compared to only about 100 in 2001. And the FBI said that there are more than 12000 reports of suspicious activity this year.
The fact that, compared to 4000 more than in all forums of the year 2001. Well, the FBI warned them if unchecked, the fungus to fraud, the size of the savings and loan, the crisis of late 1980 was indeed very large.
(Begin video clip)
SWECKER: We can prevent that there is a problem that we believe would have the same effect as the S & L crisis, if the interest rate was going. And a quantity of these loans are in the subdivision. It would have a significant influence on these financial institutions would take huge losses.
WILLIS: The FBI said mortgage fraud is a national problem. But he Top Ten “Hot spots”. The biggest party in the south. Take a look. Georgia, South Carolina, Florida, Michigan, Illinois, Missouri, California, Nevada, Utah and Colorado.
The Mortgage Bankers Association, he said, “cooperation with the FBI for criminals to justice. Add us now from Washington with a closer look Marianne McCarty. She `sa MBAs member of the Board of Directors, and Executive Vice President of Broadview Mortgage Company.
Marianne, are welcome. MARIANNE McCarty, Mortgage Bankers Association: I `m happy to be here on behalf of mortgage bankers.
WILLIS: I think many people were surprised by this announcement. But maybe not you. Have you ever been a multitude of problems, the amount of fraud in your company? I know you have your own store, and that is something that a lot of time MBA speak?
McCarty: Well, the MBA is working with the FBI to identify these cases. We did not see, everyone in our society in particular. However, we have our staff training through fraud, because we believe it is a problem, they must be aware. And it `s very costly for industry. And we hope, the fight against these problems before we see them.
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