Mortgage fraud continues to be a large concern for authorities and consumers, despite the fact that far fewer mortgage transactions are now taking place. The Mortgage Asset Research Institute (MARI) recently announced that the number of fraudulent loans increased 45%. Fraud happens when an illegal procedure is used for someone to get a better deal on a mortgage, or to bilk an individual or entity out of funds.
Fannie Mae and Freddie Mac, the largest loan originators in the country, have always monitored fraudulent activity for mortgage loans. And even though the housing business has slowed considerably, people are still finding innovative ways of enabling mortgage fraud.
Mortgage fraud hurts the overall economy when people lose money or default on their loan, the banks carrying the notes must pass those administrative costs on to other customers. LeaseTrader.com helps people escape their car lease through its nationwide online car lease exchange marketplace.
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