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126 Banking L.J. 254 (2009)
Predatory Lending and Mortgage Fraud

handle is hein.journals/blj126 and id is 260 raw text is: PREDATORY LENDING AND MORTGAGE FRAUD STANLEY I. FOODMAN In this article, the author discusses predatory lending practices and mortgage fraud. In addition to much needed legislative initiatives to combat such abuses, the author advises lenders to simply go back to basics and make better lending decisions. In 2000, the 1990s dot.com bubble burst caused markets to retreat sig- nificantly. On March 9, 2000, the NASDAQ closed at 5,046.86, then it see-sawed until the second half of 2002, when it closed at 1,139.90; before beginning a gradual ascent. The Dow Jones Industrial Average (the Dow) which had peaked at 11,215.10 during the halcyon dot.com days, sank to 7,591.93 by early 2003. Reflecting the dot.com bust and financial market ripples, the S&P 500 Index peaked at 1,527.46 in early 2000 and dipped to 800.58 in mid-2000. THE SECURITIES MARKETS AND INTEREST RATES As the markets fell, so did interest rates. The Federal Reserve funds rate, for example, in March of 2000 was 5.85 percent. By the end of June 2003, the rate had plummeted to 1.22 percent. The rate eventually fell to one per- cent in the first half of 2004. Stanley 1. Foodman, a certified public accountant and forensic accountant, has worked extensively on federal criminal and civil tax cases, as well as complex commercial litigation in the federal courts. Mr. Foodman is a member of the Society of Certified Fraud Examiners and a member of the Supreme Court of Florida Circuit Committees on the Unlicensed Practice of Law. He can be reached at stanley@stanleyfoodman.com. 254

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