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Loan Modification

: Mortgage Lender Implode-o-Meter

Banks Face Short-Sale Fraud as Home ?Flopping? Schemes Spread

By Implode-Explode Heavy Industries

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?As constituted now, the program permits home valuation, the key vulnerability point for a flopping scheme, without a true appraisal,? he wrote. ?No program of this type and scale can be considered well designed without robust protections of taxpayer funds against the predation of criminals, particularly given the inconsistent treatment of home valuation.?

Full post as published by Mortgage Lender Implode-o-Meter on June 10, 2010 (boomark / email).

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