Incidents of fraud, misrepresentations and other unscrupulous conduct may be going on display before the entire mortgage industry. The Department of Justice has given a tentative OK for the Mortgage Asset Research Institute to establish a clearinghouse to provide information to its subscribers about private complaints it receives.
Justice said it believed that exchange of this type of information could have the "pro-competitive effect of reducing costs in mortgage related businesses." The institute already provides public information about such misconduct to its subscribers.
