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Operation Malicious Mortgage: Mmakes Mmortgages Mmarvelous?
Crackdown! The news and blogosphere are full of Operation Malicious Mortgage; the sting that the FBI set up to catch people engaging in mortgage fraud. So far, over 400 people have been arrested since March of this year.
You've got to wonder at what point the U.S. government decided that all these foreclosures were a bad thing. Maybe it was when they realized that skyrocketing foreclosures equals plunging property tax revenue.
On May 8, 2008, Congress passed The American Housing Rescue and Foreclosure Prevention Act, a pack of measures designed to keep people in (owned) homes, encourage more people to buy houses, and make those houses affordable. Ideally, this will revitalized foreclosed communities and encourage neighborhood property values to go up.
With such amendments to the AHRFPA as the FHA Housing Stabilization and Home ownership Retention Act, the HUD is hoping to bring the housing market back from its K. O. and get it back in the ring.
Lenders are going to have to take more care concerning their investments in home buying loans, as this act is going to have its beady little eyes on their every sub prime lending move. There are other protections, but the lender responsibility aspect is one of the most significant.
The controversy is brewing over whether this is a good move to help struggling homeowners avoid foreclosure or a taxpayer-funded get-out-of-jail-free card given to those who were too greedy, too hasty and don't want to take responsibility for their choices. The government clearly doesn't want to lose the tax dollars that these foreclosed properties would generate, but many tax payers don't want to lose their tax dollars to people who, they think, have made stupid choices and don't want to face them.
It's good that the government is officially taking notice of predatory lending and unethical real estate professionals. However, the public jury is still out as to whether this is going to actually stem the flow of unscrupulous people taking advantage of the ignorant or encourage people to acquire more home than they can afford, then throwing themselves on the mercy of the government.
You've got to wonder at what point the U.S. government decided that all these foreclosures were a bad thing. Maybe it was when they realized that skyrocketing foreclosures equals plunging property tax revenue.
On May 8, 2008, Congress passed The American Housing Rescue and Foreclosure Prevention Act, a pack of measures designed to keep people in (owned) homes, encourage more people to buy houses, and make those houses affordable. Ideally, this will revitalized foreclosed communities and encourage neighborhood property values to go up.
With such amendments to the AHRFPA as the FHA Housing Stabilization and Home ownership Retention Act, the HUD is hoping to bring the housing market back from its K. O. and get it back in the ring.
Lenders are going to have to take more care concerning their investments in home buying loans, as this act is going to have its beady little eyes on their every sub prime lending move. There are other protections, but the lender responsibility aspect is one of the most significant.
The controversy is brewing over whether this is a good move to help struggling homeowners avoid foreclosure or a taxpayer-funded get-out-of-jail-free card given to those who were too greedy, too hasty and don't want to take responsibility for their choices. The government clearly doesn't want to lose the tax dollars that these foreclosed properties would generate, but many tax payers don't want to lose their tax dollars to people who, they think, have made stupid choices and don't want to face them.
It's good that the government is officially taking notice of predatory lending and unethical real estate professionals. However, the public jury is still out as to whether this is going to actually stem the flow of unscrupulous people taking advantage of the ignorant or encourage people to acquire more home than they can afford, then throwing themselves on the mercy of the government.
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Josh Keen has always been active since early childhood, when his father was in the U.S. Air Force, he has been on the move. He has lived in Germany, England and many different areas of the United States. Now a resident of Atlanta, Georgia, Josh is active in and around the city, both as an Atlanta resident who enjoys the outdoor opportunities this great city has to offer and as a member of one of the leading real estate teams in Atlanta (with his brother, Ben).
Josh believes that having to move frequently has developed his adventurous nature and ability to appreciate the challenges that come his way. His energy, ability to adapt to change, and positive approach to problem solving are what make him a formidable presence in the Atlanta real estate scene.
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Recent Comments
- "Its funny how times change. A year or so ago, mortgage le..."
from buy to let mortgage, on Operation Malicious Mortgage: Mmakes Mmortgages Mmarvelous? - "I have a feeling that next to no one could answer that qu..."
from Joshua Keen, on Operation Malicious Mortgage: Mmakes Mmortgages Mmarvelous? - "I wonder what the total number of people who lied on thei..."
from Joshua Dorkin, on Operation Malicious Mortgage: Mmakes Mmortgages Mmarvelous?
about 1 year ago
I wonder what the total number of people who lied on their mortgage applications and committed mortgage fraud is?
about 1 year ago
I have a feeling that next to no one could answer that question. But I bet there's tons!
10 months ago
Its funny how times change. A year or so ago, mortgage lenders couldnt give enough mortgages away as they rode the boom tide. No one bothered to stop and think about who will pay for the bad credit. Now we have specialist squads trying to prevent exactly what the mortgage lenders turned a blind eye to.