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While employees get an ego boost knowing their work is being used in important court cases or saving companies millions of dollars, they are rewarded in other ways, as well, with flexible work schedules and employer-paid benefits such as health care.

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Bob Simpson, president of Imarc Investors Mortgage Asset Recovery Co., an Irvine firm that investigates why home loans go bad, says no federal mortgage rescue plan can save people from having gotten in too deep. Simpson says he's seen thousands of people fail to pay mortgages for which they were not qualified. He anticipates seeing tens of thousands more this year, no matter what the government does.

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“To understand what was happening in the mortgage industry, 60 Minutes went to Bob Simpson, whose company, IMARC, investigates failed mortgages.“

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As the mortgage industry begins modifying troubled loans in greater numbers, early rounds of modifications are coming in for performance reviews.

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“The 'five timers' need to turn in their house keys and move into something they can afford. 'You're not qualified' is a phrase mortgage originators have to start using again, Mr. Simpson said.“

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The debate over what caused the mortgage mess and how best to fix it is now taking a sharp turn, as new problems surrounding liar's loans and payment-option mortgages reveal the pervasive fraud, lying and deceit that permeated the market at its height.

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The option ARM trouble stems from the loose lending practices that inundated the sub-prime business. Loans often were granted on the basis of stated income, not proof of a borrower's income, giving rise to their nickname, "liar's loans."

"This is not a sub-prime crisis. This is a stated income crisis," said Robert Simpson, chief executive of Investors Mortgage Asset Recovery Co. in Irvine, which works with lenders, insurers and investors to recover losses related to mortgage fraud.

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But how innocent is the mortgage industry? Were lenders, as Kempner said, "the principal victims of mortgage fraud"? Or did the industry, with its lax standards, create an atmosphere in which fraud became pervasive? And did some mortgage firms aid and abet the fraud?

"(The mortgage lenders) knew the bad credit quality of the loans being originated, they took their profits, and now the ship sinks," said Bob Simpson, president of Investors Mortgage Asset Recovery Co. in Irvine. "They will all walk away rich. And we are left with neighborhoods full of foreclosures."

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Consumer advocates and mortgage experts say the real drivers of fraud are industry pros. One of the fastest-growing scams, for example, is filing loan applications using identities of dead people from obituaries and genealogy Web sites. A misguided consumer fudging a poor credit history is unlikely to go to such lengths. "Borrowers don't have the savvy to know which documents to falsify. They're often coached by loan officers or brokers," says Robert Simpson, president of Imarc, a Newport Beach (Calif.) mortgage-fraud investigator.

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Essentially, stated-income loans allow a simple representation of income on the 1003 loan application to be the basis of the underwriting decision. These loans were designed for borrowers who have enough income and acceptable credit but who don't meet full-doc standards, such as self-employed borrowers and people with commission-based income.

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Excerpt:

Essentially, stated-income loans allow a simple representation of income on the 1003 loan application to be the basis of the underwriting decision. These loans were designed for borrowers who have enough income and acceptable credit but who don't meet full-doc standards, such as self-employed borrowers and people with commission-based income.

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