Tuesday, March 29, 2005

Demos: Mortgage Fraud A Threat

If you haven't seen the Demos web site, this report is a good introduction. Titled "Widespread Mortagage Fraud Threatens America's Homeowners", the non-partisan group does a stellar job in pointing out misdealings in public policy.

"As home prices have continued to increase above inflation, even nearing 20 percent per year in some cities, American homeowners are vulnerable as never before to financial ruin if home prices fall to their natural market value."

One aspect of the report is covered in this blog often. "Appraisal fraud thrives amid a failure of stringent government oversight...Our study shows that, even as evidence of appraisal misconduct has mounted, neither the Federal government nor most states have taken decisive steps to fix an obviously broken system." Now why is that?


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