The upsurge in housing over the past few years has given way to an unprecedented amount of questionable activity in the mortgage market, including fraud. And while regulators have ramped up their combative efforts, fraud's growing breadth has proved to be alarming for U.S. RMBS.

"The [mortgage market] boom created job opportunities, and people who didn't even know there was a t' in mortgage all of a sudden had a brokerage operation and were making hundreds of thousands of dollars," said Rebecca Walzak, CEO of Walzak Risk Analysis.

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