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Chicago Takes Steps to Fight Mortgage Fraud

Chicago Takes Steps to Fight Mortgage Fraud

This is a discussion on Chicago Takes Steps to Fight Mortgage Fraud within the Mortgage Know-How forums, part of the Mortgage and Loans Forum category; It’s another by-product of the mortgage crisis: mortgage fraud. It’s popping up all across Chicago. Nancy Pender reports how Chicago ...

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Mortgage Know-How A mortgage is the transfer of an interest in property (or the equivalent in law - a charge) to a lender as a security for a debt - usually a loan of money. While a mortgage in itself is not a debt, it is the lender's security for a debt. It is a transfer of an interest in land (or the equivalent) from the owner to the mortgage lender, on the condition that this interest will be returned to the owner when the terms of the mortgage have been satisfied or performed. In other words, the mortgage is a security for the loan that the lender makes to the borrower.

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10-02-2008, 03:50 AM

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Chicago Takes Steps to Fight Mortgage Fraud

It’s another by-product of the mortgage crisis: mortgage fraud. It’s popping up all across Chicago. Nancy Pender reports how Chicago is fighting back.

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