1. QUOTE from:
    Social Security Administration Plans to Raise Identity Verification Fees by Nearly 900%
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    According to an article published by National Mortgage News on September 18, 2009, written by Paul Muolo, co-author of Chain of Blame: How Wall Street Caused the Mortgage and Credit Crisis, "The country has seen a 'drastic increase' in mortgage fraud cases as a result of the upheaval in the housing market, according to FBI director Robert Mueller. FBI agents are investigating 2,600 mortgage fraud cases as of July 31, up from 1,600 for all of 2008." Furthermore, the Mortgage Asset Research Institute (MARI) lists elderly and immigrant identity fraud -- the predatory practice of stealing the identities of elderly and non English-speaking individuals for use in straw-buying or other property transactions -- as one of the three emerging fraud schemes expected to rise throughout 2009, and a Reuter's article citing the FBI Mortgage Fraud report states that higher lending standards have increased the value of identities of individuals with good credit to those who perpetrate fraud. Full Article at PR Newswire
    The country has seen a 'drastic increase' in mortgage fraud cases as a result of the upheaval in the housing market, according to FBI director Robert Mueller. FBI agents are investigating 2,600 mortgage fraud cases as of July 31, up from 1,600 for all of 2008.
    SOURCE: PR Newswire 2 months ago
All quotes from:
Social Security Administration Plans to Raise Identity Verification Fees by Nearly 900%
  1. Lenders need to remain diligent in their efforts to combat fraud ... With buy-backs costing companies hundreds of thousands of dollars per incident, even adding a few extra dollars per applicant still brings about a strong return on investment.
    SOURCE: PR Newswire 2 months ago
  2. While unfortunate, it's a definite possibility that lenders will avoid using these higher priced CBSV-based Social Security number authentication, even though it's a reliable way to protect against identity fraud.
    SOURCE: PR Newswire 2 months ago
  3. With lower loan production and lenders' increased focus on cutting costs, this fee increase could have a highly detrimental impact on the mortgage industry, as well as the U.S. and global economies
    SOURCE: PR Newswire 2 months ago

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