Making builders accountable to homeowners
Mortgage Fraud Investigation Leads To Call For Legislation
A state senator says he is ready to introduce legislation after a KCRA 3 investigation uncovered a loophole that allows loan officers who allegedly committed millions of dollars in fraud to keep working even though the California Department of Real Estate has ordered them to stop.
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Comment by Wayne Caswell on March 14, 2009 at 10:16am - This report shows examples of mortgage fraud from builder-owned finance companies (mortgage, title and insurance) and the conflict of interest that encourages them to cheat the system. In our informal survey of the top out-of-state volume builders operating in Texas, ALL of them owned their own finance companies. Without laws that make such vertical integration illegal, this sort of activity is bound to continue.
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