Skip to main content

Transparency in the structured finance market; risks, fallout from non-traditional mortgages are focus of FDIC's Supervisory Insights

National Mortgage Professional
Jun 11, 2008

MBA chairman Quinn applauds FBI's mortgage fraud operationMortgagePress.comKirean Quinn, MBA, FBI, mortgage fraud, Operation Malicious Mortgage Kieran P. Quinn, CMB, Chairman of the Mortgage Bankers Association (MBA) applauded federal authorities for their crackdown on perpetrators of fraud against mortgage lenders. The FBI announced today that more than 400 people have been charged in a national crackdown, dubbed "Operation Malicious Mortgage." Mr. Quinn issued the following statement. "Mortgage fraud, while primarily a crime against lenders, results not only in losses for banks, but also higher costs for all potential borrowers and has an adverse impact on home prices, thus hurting innocent homeowners in those communities where it is most prevalent. "MBA has been working closely with federal authorities for a number of years to help bring to light the impact that mortgage fraud has on lenders, borrowers and communities. Today's announcement shows that the authorities are taking this issue seriously and we applaud them for their efforts today that have taken some major criminal outfits off the street. "We will continue to work with the FBI to help them target these types of crimes and we are again asking Congress to provide the Department of Justice with additional resources to help investigate and prosecute mortgage fraud cases." For more information, visit www.mortgagebankers.org.
Published
Jun 11, 2008
Federal Regulators Race To Address Cryptocurrency Risks

Cryptocurrency is quickly morphing into a volatile but widely embraced innovation, and federal regulators are racing to address the potential risks to consumers and the market. 

Industry News
Sep 24, 2021
MBA Initiative Seeks To Close Racial Homeownership Gap

Says its advocacy, partnerships & connections will help increase opportunities for minority borrowers

Industry News
Sep 24, 2021
Guaranteed Rate Opens New Branch In Southwestern Michigan

Guaranteed Rate expanded its presence in Southwester Michigan, after opening a new branch in St. Joseph

Industry News
Sep 22, 2021
Chinese Property Giant Evergrande Falters, Threatening U.S. Investors

On Monday, investors across three continents dumped their stocks, mainly out of fear that the world’s two largest governments — the United States and China — would undercut the beginnings of a global economic recovery. 

Industry News
Sep 22, 2021
Compass Mortgage Expands In Four Additional States

Compass Mortgage is now licensed in Virginia, Washington, North Carolina and South Carolina.

Industry News
Sep 22, 2021
Enact Holdings Completes IPO

Genworth Financial Inc. announced the completion of the initial public offering for its subsidiary Enact Holdings Inc.

Industry News
Sep 21, 2021