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BasePoint Analytics study finds evidence of fraud in 70% of EPD's

Posted on Tuesday, February 13, 2007 at 05:58PM by Registered CommenterThe Editor - Ian Shuter | Comments1 Comment | References9 References
In a press release on February 12, 2007 BasePoint Analytics announced the that the results study of over mortgage loans found that up to 70% of mortgage early payment defaults had elements of misrepresentation/fraud. It also concluded that loans which contained fraud/misrepresentation were 5 times more to go into default than “normal” loans.

 

The study found cases where income figures were inflated by 500% and appraisals that inflated values by more than 50%.

 

Click here for the full press release.  

 

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Reader Comments (1)

I am a Plaintiff in court for almost 5 years in which the broker held themselves to be the lender, there was a secret agreement, in writing, found during discovery that the broker would not disclose who the lender is until AFTER docs were signed thru the mail, then the bait & switch begins. In my case they went too far and after everything was changed they realized my husband did not sign anything, they couldn't ask me to re execute docs I never signed so they forged and/or cut & pasted his sig., had this been on the up & up they would have just said "we need your husbands signature" now they have fabricated so many supporting docs to show they were right (600pages) bearing no signatures it is absurd. This is on the verge of going class action, aproaching the 5th year there is now and has been so much judicial corruption and/or pressure that 3 judges have recused themselves. Almost the same thing happened to 2 couples I know of in Las Vegas, it took them 5 years but they won, and they won the appeal and the Nevada Sup Ct affirmed the last appeal, they finally has to pay. The brokers & bankers are in this together.Even the notary that is 250 miles from me said she never notarized the docs , never met me or my husband and another employee said this is their modus operandi.
June 15, 2007 | Unregistered CommenterJanet Vernell

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