Monday, June 22, 2009
Inspector General Concerned About Reverse Mortgage Fraud
Several trade groups and the Office of the Inspector General appeared Thursday before a House Financial Services Subcommittee on Oversight and Investigations where they called for more resources to ensure HUD program’s presence in the mortgage market remains.
According to a testimony from HUD, the Federal Housing Administration has seen dramatic changes in its business. It has gone from less than 3% market share a few years ago to approximately 30% of the single family mortgage market today.
As part of the 2010 Budget, HUD is launching an expanded initiative designed to improve its ability to combat mortgage fraud, teach consumers how to avoid predatory practices and enhance oversight of FHA approved lenders. For FY 2009, as of May 31 HUD referred 543 cases of suspected fraud to the Office of the Inspector General (OIG), according to the departments testimony...
Reverse Mortgage Daily: Inspector General Concerned About Reverse Mortgage Fraud
According to a testimony from HUD, the Federal Housing Administration has seen dramatic changes in its business. It has gone from less than 3% market share a few years ago to approximately 30% of the single family mortgage market today.
As part of the 2010 Budget, HUD is launching an expanded initiative designed to improve its ability to combat mortgage fraud, teach consumers how to avoid predatory practices and enhance oversight of FHA approved lenders. For FY 2009, as of May 31 HUD referred 543 cases of suspected fraud to the Office of the Inspector General (OIG), according to the departments testimony...
Reverse Mortgage Daily: Inspector General Concerned About Reverse Mortgage Fraud
Permalink posted by markw @ 6:10 AM 
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