Short Sale Fraud

In an effort to analyze the prevalence of short sale fraud in correlation with the continual increases of short sales transactions over the past several months, CoreLogic released its 2011 Short Sale Research Study today. “Analysts found one in every 52 short sales conducted in the first half of 2010 were ‘suspicious,’ meaning the lender may have incurred unnecessary losses from fraud. Over the first six months of last year, banks showed $150 million in losses from these suspicious transactions.” If this trend persists, CoreLogic anticipates that banks will lose up to “$375 million in losses from short sale fraud” by the end of 2011. http://bit.ly/jygCUg

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