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Fraud and the Subprime Mortgage Crisis

NCJ Number
Tomson H. Nguyen
Date Published
194 pages
This book examines mortgage fraud as an integral part of the subprime mortgage crisis that occurred in recent years in the United States.
The book is divided into six chapters that examine mortgage fraud and its role in the subprime mortgage crisis by looking at the following issues: how did alternative loan products and mortgage-backed securities impact the growth, type, and patterns of mortgage-related fraud; how did the growth of the subprime mortgage industry impact the understanding of mortgage fraud; what role did the industry players in the primary subprime mortgage market have on the growth, type, and patterns of fraud; and whether past criminological research on white-collar crime could shed light on the current subprime mortgage crisis. The analysis found that the legal and organizational structure of the mortgage industry, along with the lending practices of the subprime mortgage industry, produced conditions in the market that were ripe for the proliferation of various types of mortgage fraud. Approaches for dealing with the problem of mortgage fraud include tightening qualification guidelines and underwriting standards, increasing regulatory oversight and accountability, revisiting the industry's approach to compensation, and increasing education standards for loan agents. Tables, figures, references, and index


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