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Mortgage Fraud Takes Back Seat
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January 8, 2009
Contrary to what readers of this blog might believe, mortgage fraud is not the prime suspect for the current credit crisis. That is, according to a new survey of bankers conducted between Nov. 5 and Dec. 10 by Grant Thornton LLP with Bank Director magazine.
Survey respondents, 339 senior executives at banks and savings institutions, were asked to select up to three causes of the credit crisis from a list of 10. “Lax underwriting standards” was the majority vote at 54 percent. Mortgage fraud made the list, but not at the spot you might think.
Read story at MortgageDaily.com
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