ob·vi·ous (ŏb'vē-əs) adj.
Easily perceived or understood; quite apparent.
Easily perceived or understood; quite apparent.
The millions of Americans facing foreclosure on their homes aren't the only victims of the housing market bubble. There are also many consumers who have been duped into participating in schemes to buy properties and sell them at inflated values.
Mortgage finance company Fannie Mae (FNM - Cramer's Take - Stockpickr - Rating) has seen a big increase in mortgage fraud over the last two years, particularly in the Midwest.
"An alarming number of Fannie Mae's recent investigations have found that otherwise honest consumers and real estate professionals are fooled into conspiring to commit mortgage fraud." William Brewster, the housing agency's director of anti-fraud initiatives, said in prepared remarks delivered at a Federal Reserve hearing on subprime lending last week.
"Real estate agents, mortgage brokers, lenders, appraisers and title agents must become better educated about common mortgage fraud schemes, and not inadvertently conspire with the perpetrators of those schemes," Brewster said.
