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Lax Verification Laws Needed Adjusting
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December 12, 2008
A majority of mortgage fraud cases contain erroneous income claims, which some companies make easier by providing the avenue for borrowers to obtain fake documents.
A Web site that claims to create fake income documents such as paycheck stubs and tax documents has enabled borrowers to obtain genuine-looking documents to take to a lender and acquire a mortgage based on bogus information.
Prior to the subprime debacle, lenders were not mandated to verify the validity of those documents before closing the mortgage loans. New laws on the books include the Pennsylvania Department of Banking requiring anyone who writes a mortgage must be licensed and adhere to a strict set of standards, including verification of qualifying documents.
Read story at WFMZ News
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