Fraud and the Subprime Mortgage Crisis - Nguyen, Tomson H. (LFB Scholarly Pub. LLC, 2011)
List of Tables; List of Figures; Chapter 1: Mortgage Fraud: An Introduction; Research Questions; Defining Mortgage Fraud; Predatory Lending vs. Mortgage Fraud; Conceptual Definitions; What is Subprime Lending/Subprime Loans?; Origins of Subprime Lending -- Deregulationof the Financial Industry; Related Influential Legislation; The Growth of Subprime Lending; Wall Street and Mortgage-Backed Securities; Conclusion; Chapter 2: Research on Mortgage Fraud and the Law; Mortgage Fraud and the Law; Mail and Wire Fraud Statutes; Statutes on the Transportation of Stolen Goods
And Insured Financial InstitutionsMortgage Fraud; The Role of White-Collar Crime in FinancialDisasters; Types of Fraud in the Financial Debacles; The Orange County Bankruptcy; Corporate Scandals; White-Collar Crime as Organized Crime; The Role of Organizations in White-Collar Crime; Theoretical Underpinnings; Chapter 3: Data and Methods; Interviews; Sample Questions Regarding Workand Work Experience; Sample Questions Regarding WorkEnvironment and Management; Sample Questions Regarding SpecificLoan Origination Practices; Research Subjects; Secondary Data Sources
Strengths and Limitations of InterviewsInside Interviewing; Research Concerns; Limitations of the Study; Chapter 4: Mortgage Origination Fraud; Traditional & Contemporary Forms ofMortgage Fraud Compared; Contemporary Mortgage Fraud; Patterns of Contemporary Mortgage Fraud(Mortgage Broker, Loan Officer, andLoan Processor); Mortgage-backed Securities, Alternative Loan Products and Fraud; Revisiting Mortgage Fraud; Chapter 5: The Social and EconomicImplications of Fraud; Discrimination in the Mortgage Industry; Predatory Lending; Towards Economic Equality
Fraud in the Context of Economic Inequality"You Call This Equality?"; The Illusion of Affordability; Discussion; Chapter 6: Now What? Final Thoughts andRecommendations; Responses to the Crisis; Policy Implications; Tightening Qualification Guidelines andUnderwriting Standards; Increase Regulatory Oversight and Accountability; Revisiting the Industry's Approach toCompensation: An Alternative toVolume-Based Commission and Bonuses; Increasing Education Standards for Loan Agents; Recommendations; References; Index
Nguyen examines mortgage fraud as an inherent part of the subprime mortgage crisis. He traces the exponential growth of mortgage fraud to the loose underwriting standards, alternative loan products, and inadequate regulation and regulatory oversight of the subprime mortgage industry. He describes the various financial crimes constituting mortgage origination fraud, a form of fraud involving fraud for profit, fraud for property, and predatory lending. The accounts of mortgage frauds by industry insiders presented in this book provide a chilling view of the criminal implications of an unregulate