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The collapse of the housing market: ...

Thornton, Patricia M.

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The collapse of the housing market: Learning from our mistakes.

Record Type:	Electronic resources : Monograph/item
Title/Author:	The collapse of the housing market: Learning from our mistakes./
Author:	Thornton, Patricia M.
Description:	48 p.
Notes:	Source: Masters Abstracts International, Volume: 52-06.
Contained By:	Masters Abstracts International52-06(E).
Subject:	Business Administration, Banking. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=1554466
ISBN:	9781303851339

The collapse of the housing market: Learning from our mistakes.
Thornton, Patricia M.

The collapse of the housing market: Learning from our mistakes. - 48 p.

Source: Masters Abstracts International, Volume: 52-06.

Thesis (M.S.)--Utica College, 2014.

This item must not be sold to any third party vendors.

Mortgage fraud is a type of white collar crime that contributed greatly to the collapse of the economy of the United States. Mortgage fraud is a crime that can be perpetrated by an individual for the purpose of purchasing a single home, or it can be an enterprise being operated by a large number of participants. The news media has reported on many cases of fraud committed that have resulted in hundreds of millions of dollars in damages to home owners, banks, and society as a whole. Many lives have been ripped apart by mortgage fraud; families have lost their properties, their savings, and their good credit.

ISBN: 9781303851339Subjects--Topical Terms:

1018458
Business Administration, Banking.

The collapse of the housing market: Learning from our mistakes.
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100 1 $a Thornton, Patricia M. $3 3170183
245 1 4 $a The collapse of the housing market: Learning from our mistakes.
300 $a 48 p.
500 $a Source: Masters Abstracts International, Volume: 52-06.
500 $a Includes supplementary digital materials.
500 $a Adviser: Shannon Johnson.
502 $a Thesis (M.S.)--Utica College, 2014.
506 $a This item must not be sold to any third party vendors.
520 $a Mortgage fraud is a type of white collar crime that contributed greatly to the collapse of the economy of the United States. Mortgage fraud is a crime that can be perpetrated by an individual for the purpose of purchasing a single home, or it can be an enterprise being operated by a large number of participants. The news media has reported on many cases of fraud committed that have resulted in hundreds of millions of dollars in damages to home owners, banks, and society as a whole. Many lives have been ripped apart by mortgage fraud; families have lost their properties, their savings, and their good credit.
520 $a To bring a mortgage fraud case to trial requires the use of many resources including investigators and prosecutors. It is a costly endeavour and one that seldom results consequences that are equal to the severity of the crime. Numerous major mortgage fraud cases have been identified and brought to trial for prosecution in recent years. In one case the perpetrator faced up to 400 years in jail for the 42 counts on which he was indicted. Instead of going to trial the fraudster agreed to a plea bargain, and the sentence was reduced to 26 years.
520 $a Completely eradicating mortgage fraud may not be a realistic expectation, but with the development of a regulatory agency charged with oversight of the industry, the development of stricter lending guidelines that require full documentation for all borrowers and the development of clearly defined criminal penalties with mandatory sentences for those convicted of mortgage fraud, many frauds may be prevented. By extension a deterrent factor will be created that may deter others from committing the same illegal act. Preventing mortgage fraud will not be easy, but the efforts taken will protect the public and the financial stability of the United States of America.
520 $a Keywords: Economic Crime Management, Shannon Johnson, securitization, straw buyer, Ponzi scheme, ghost loans.
590 $a School code: 1754.
650 4 $a Business Administration, Banking. $3 1018458
650 4 $a Sociology, Criminology and Penology. $3 1017569
650 4 $a Economics, Finance. $3 626650
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710 2 $a Utica College. $b Economic Crime Management. $3 2098214
773 0 $t Masters Abstracts International $g 52-06(E).
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791 $a M.S.
792 $a 2014
793 $a English
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=1554466