A new report reveals troubling evidence that the widespread trend of home refinancing is rife with fraud and artificial price inflation.
"The real estate boom and refinancing craze of recent years has meant record profits for institutions that originate mortgage loans. But this boom has a dark side for unwitting consumers. Many appraisers - responding to increased pressure from loan originators in a highly competitive marketplace - are inflating property values during the buying and refinancing of homes. 'Appraisal fraud is part of a bigger, more ominous picture,' says David Callahan, Home Insecurity author and Director of Research at Demos. 'As home prices have continued to increase above inflation, even nearing 20 percent per year in some cities, American homeowners are vulnerable as never before to financial ruin if home prices fall to their natural market value.' To make matters worse an increasing number of Americans have reduced the equity in their home to meet rising living expenses, like education and health care, or to pay off credit card debts. From 2001 to 2004, homeowners pulled out a staggering $485 billion worth of equity, and the trend is expected to continue. It is beginning to look like the American dream of financial security through homeownership is becoming a myth for far too many."
Thanks to Michael Dudley
FULL STORY: Home Insecurity: How Widespread Appraisal Fraud Puts Homeowners At Risk

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