--(Jan. 31, 2006)--ExpertSource(
http://www.businesswire.com/):
TOPIC: The Federal Bureau of Investigation released statistics showing an increase in mortgage fraud over the past year, according to an article by The New York Times. Mortgage fraud pending case investigations have increased from 818 in September to 938 cases in January. The majority of the cases involve "fraud for profit," which consists of criminals who buy a house, only to put it up for sale right away. They partner with a dishonest appraiser who inflates the value of the home. Then, another scam participant pretends to be a buyer and finds a mortgage at the inflated value and splits the profit with the seller of the home. The FBI found that in 54 percent of the mortgage fraud cases, victims such as lenders, have lost more than $1 million.
EXPERTS: ExpertSource can offer several highly qualified experts to comment on this story:
Widely recognized for his extensive fraud consulting expertise in the financial services and mortgage industries, Frank McKenna co-founded BasePoint Analytics and helped develop and introduce advanced predictive technology to detect fraud in the mortgage industry. Frank's vast experience in fraud management has enabled him to identify unique and effective tools to manage lender risk through pattern analysis and evaluating other parties in the transaction, such as brokers. Frank has also pioneered the development of internal fraud solutions and methodologies for proactive detection of employee data theft. His focus on point of sale optimization and real-time detection has been used by many high profile debit and credit card issues worldwide to reduce their fraud losses. Prior to establishing BasePoint, Frank was director of Fraud Consulting for HNC Software/Fair Isaac Corporation where he helped define successful fraud reduction strategies for more than 30 companies. He also oversaw 7 large scale fraud reduction projects with major issuers worldwide. He has over 16 years of direct experience working with over 25 issuers worldwide, including Wells Fargo and Providian, consulting on strategic projects covering every aspect of the fraud lifecycle. Frank holds an MBA from California State Hayward and a Bachelor's Degree in Liberal Arts from St. Mary's College in Northern California. A renowned expert, Frank has written dozens of white papers on the subject of mortgage and banking fraud, many of which are available at www.basepointanalytics.com. In addition, his team of fraud scientists conducts regular studies on fraud trends using their database of millions of historical client transactions. PR Contact: Colleen Edwards 949-481-4100 cedwards@thepowermarkgroup.com
Dr. Raphael Bostic is one of the country's leading real estate economists. For three years, he directed the Lusk Center's Casden Real Estate Economics Forecast, an annual research report measuring the health and future direction of Southern California's commercial and multifamily real estate markets. His broad research interests include real estate financial markets and housing, with a particular focus on mortgages and urban economic growth. In 2004, he was appointed director of the Master of Real Estate Development program within USC School of Policy, Planning and Development. He joined the USC Lusk Center after spending six years on the staff at the Federal Reserve Board of Governors. It was the 1992 Los Angeles riots that focused Bostic on urban economics. He said the destruction of the inner city intensified his interest in learning why private investment in underserved areas was not reaching the people that were supposed to benefit. Bostic joined the Fed so he could help shape a policy making process that was fair to both lenders and the community. With a Ph.D. from Stanford, an undergraduate degree from Harvard, and a stint at the Department of Housing and Urban Development, Bostic was courted by several major universities when he announced his desire to return to teaching and academic research. Dr. Bostic is in great demand as a speaker on Southern California real estate economics. He has published extensively and is interviewed on a weekly basis by local and national media. PR Contact: Francie Murphy 858-350-5152 francie@fmassociates.com PR Contact: Giuliana Perrone 213-740-5000 perrone@sppd.usc.edu
Kevin M. Cloyd was promoted to Executive Vice President in March 2004 and is also President of NC Capital Corporation. Previously, he was Senior Vice President of Secondary Marketing for New Century Mortgage and President of NC Capital Corporation since February 2002. Mr. Cloyd served as Vice President of Secondary Marketing for New Century Mortgage Corporation and Executive Vice President of NC Capital Corporation from January 2001 to February 2002. From March 2000 to January 2001, Mr. Cloyd was Vice President in charge of Secondary Marketing and Finance for The Mortgage Conduit, a start-up company. In Mr. Cloyd's first position with New Century, from September 1999 to March 2000, he served as Vice President of Applied Analytics. From December 1998 to September 1999, Mr. Cloyd was Assistant Vice President with Fremont Investment and Loan. Prior to Fremont Investment and Loan, Mr. Cloyd served as Director of Finance with Amresco Residential Credit Corporation and was responsible for the financing activities of the Bulk Acquisition Group. In addition, Mr. Cloyd worked at Bank of America Mortgage and served as Financial Consultant to their Secondary Marketing and Portfolio Management Departments. Mr. Cloyd received his Bachelor of Arts Degree in Business Administration with an emphasis in Finance from California State University at Fullerton. Mr. Cloyd received his Masters of Arts in Management from University of Redlands. PR Contact: Laura Oberhelman 949-255-6716 loberhelman@ncen.com
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SOURCE: ExpertSource
