Deception and lies

Fraud

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The US mortgage industry is trying to shake off the nightmare of the past nine to 10 months. Lessons are being learnt, and bitter pills swallowed. The lax lending and underwriting standards in the subprime business have been well documented. Now the spotlight is being shone on another key element of the subprime saga - mortgage fraud.

Last November, rating agency Fitch stated that poor underwriting quality and fraud may have accounted for as much as 25% of the underperformance of 2005 and 2006 vi

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