Mortgage Fraud Thesis

To conclude, the efforts to use moral enhancement to further empower human virtues that help provide moral

The concept of trust is an idea everyone toys with in their lives at one point. One may think that trust is based of moral values between a trusting relationship. But it can be more complex than many may think. Trust by definition is the “firm belief in the reliability, truth, ability, or strength of someone or something”(1.). To many, it is the bases of a relationship. People trust one another because they teach one another or they love one another. Whatever the case, trust is an essential piece to a relationship. But it’s Implied that both parties don’t take advantage of that trust. This idea is discussed in literature such as in the novel Indian Horse. Throughout Saul’s Journey in the novel Indian Horse he learns about trust by experiencing it as reality then as an illusion and finally as a choice he must make.

In the 2015 and 2016 Police-report, the statistics show, that since 2003, crime has been on a steady decrease, however, in the year 2015 and 2016 crime has

     The real estate industry is thriving with approximately sixty-eight percent of all Americans being homeowners. With low interest rates, 1st time home buyer down payment assistance programs, and government funded educational opportunities (i.e. the Home Ownership Center of Greater Cincinnati), the real estate and mortgage lending industries will continue to flourish. However, there are some unethical lending practices that are threatening the housing industry as a whole.

In 2008 the real estate market crashed because of the Graham-Leach-Bliley Act and Commodities Futures Modernization Act, which led to shady mortgage lending or “liar loans” (Hartman). The loans primarily approved for lower income and middle class borrowers with little income or no job income verification, which lead to many buyers purchasing homes they could not afford because everyone wants a piece of the American dream; homeownership. Because of “reckless lending to lower- and middle-income borrowers who could not afford to repay their loans many of the home buyers lost everything when the market collapsed” (Tankersley 3). Homeowners often continued to live in their houses for months or years without paying any

Mortgage fraud is one of the costliest, yet seldom prosecuted crimes in the criminal world. CoreLogic estimates approximately $13 billion in fraud losses occurred in 2012, according to the latest available data in the 2012 Mortgage Fraud Trends Report (Gerding, 2013). While these numbers may seem high, the approximate $13 billion in losses is only a fraction of what it would be if every case were to be prosecuted. Mortgage fraud was also a major contributing factor towards a national, and nearly global economic collapse in 2008 when the United States economy saw the worst recession it has seen since the great depression. Anyone that has seen the films “99 homes” starring Andrew Garfield and Michael Shannon or “The Big Short” starring Christian Bale and Ryan Gosling has seen a largely realistic glimpse of mortgage fraud and how devastating it can be.

The figures for assault fluctuated over the period. The number of assaults was about 2,250 in 2003, it then fluctuated until reaching around 2,500 in 2010. From this year, it increased gradually to reach 2,750 in 2012. Murders displayed a more stable trend. Cases of murder stood at 500 in 2003 and then fluctuated in the following years to reach 1,000 in 2005. This was followed by a stabilization at 500 for the rest of the given

During the time of recession, there were many contributing factors that lead to the overall fall of the stock market. The collapse of the housing market bubble is single handily the biggest determining factor in the 2008 stock market plunge (Fry, Ebsco). Mortgage and credit lenders were partaking in unethical business practices that were going unnoticed during this time. These lenders tend to focus on balancing the level of risk and return in the market but

The first sign of the “ Financial Crisis ” occurred in 2006. Many house prices began to drop. Realtors at first where thrill, they considered that the overexcited house market will finally return to it’s stable place. What real estate agents didn’t realize that many property owners have taken loans that were about 100 percent or more from their property worth. Many people blamed the Community Reinvestment Act of 1977 . This act motivates banks to

As a topic for this research paper, I decided to analyze the ethics behind the recent mortgage crisis in the United States. Banks were approving people for loans very easily, to people they knew would not be able to pay them back. Thus, many people were buying homes, missing payments, getting foreclosed on, and ruining what credit they had. Throughout this paper I intend to show how the practices that the banks were using were unethical. I will show who stakeholders were, and analyze them through Utilitarian and Kantian standpoints.

Since the housing market bust, there has been an explosion in the number of federal investigation of mortgage fraud scheme across the country. Mortgage Fraud is a violation of state and

The U.S. subprime mortgage crisis was a set of events that led to the 2008 financial crisis, characterized by a rise in subprime mortgage defaults and foreclosures. This paper seeks to explain the causes of the U.S. subprime mortgage crisis and how this has led to a generalized credit crisis in other financial sectors that ultimately affects the real economy. In recent decades, financial industry has developed quickly and various financial innovation techniques have been abused widely, which is the main cause of this international financial crisis. In addition, deregulation, loose monetary policies of the Federal Reserve, shadow banking system also play

In 2003, Coleen Colombo joined the California branch of BNC, where she worked as a senior underwriter. The BNC office in which Colombo worked was part of the regional group that offered a considerable amount of loan to its customers. The performance of Colombo in her work was outstanding. This is according to a wrongful termination and harassment suit filed in California Superior Court on her behalf and on behalf of five other BNC employees. The suit states that the work environment began to become hostile for Colombo in 2005 after one of her fellow employees, a male wholesaler,

According to Dettmer, Knackendoffel, & Thurston (2009), when we have trust, others are more likely to:

Trust in people is merely a relationship of reliance and an intrinsic part of human nature. It is established at the family level and expands outward as the child matures. Each being depends on their families to provide as one depends on educators to teach. Furthermore, trust is necessary for institutions such as schools, hospitals, businesses, and even the government to effectively operate. The workforce expects their employers to give a cash-able paycheck in return for their hard worked hours; consumers give a business compensation on the basis of receiving a product or service in return; and individuals put their