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DLF Garden City Chennai DLF cuts OMR project prices, now @ Rs.2650 ps ft

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Mortgage Cases

With the economic slowdown reigning supreme, the incidence of criminal fraud has increased manifold. As per reports, rise in mortgage scams have strained resources of the FBI. The Federal Bureau of Investigation has as many as 1800 investigations related to mortgage cases that need to be dealt with (as of February 19, 2009). The figure is two times more than what it was in the fiscal year 2006.

Illegal and fraudulent activities are not uncommon in the mortgage industry. Mortgage cases can be filed by a mortgage company against another mortgage company, one bank against another. A borrower can also file a mortgage case against a lender and vice versa.

However, if you are planning to sue a lender/mortgage company or bank, an attorney can help you out in this regard. You should know your rights so that you are not misled.

There are various other instances when mortgage cases have been filed. For instance, following the subprime mortgage crisis, state regulators have sued real estate companies, lenders for getting involved in fraudulent activities.

Some of the instances of mortgage cases filed by regulators of the subprime mortgage market are given below-

In February 2008, New York Attorney General accused a well known real estate appraisal firm of conspiring with one of the country’s biggest savings and loan firm for inflating property values. Many such instances taken together led to the subprime mortgage crisis in United States.
During the same period attorney general of Ohio, accused about 10 mortgage lenders for manipulating property values .
Investment bank unit of a reputed company failed to notify its investors that a conflict of interest prevailed while trading hedge funds. The funds failed to give returns as anticipated. The funds were investments linked to the subprime mortgage market.

Given above are only few instances of mortgage cases. However, it is also true that the mortgage lenders, banks, real estate companies alone cannot be blamed for the economic showdown. The borrowers are also a party to the prevailing credit crunch worldwide.