New FBI Mortgage Fraud Report



A new report by the FBI found escalating instances of mortgage fraud in 2008. Mortgage fraud filings from financial institutions rose 36 percent, from 46,717 in 2007 to 63,713 in 2008, with more than half the cases involving losses of more than $1 million. There is no central database of mortgage fraud complaints, but the report states that “virtually all law enforcement and industry statistics indicated an upswing in mortgage fraud activity” and predicts that “several of these schemes have the potential to spread if the current economic downward trend, as expected, continues into 2009 and beyond.”

Click here to read the full report.

Use The Crime Report for more information on Mortgage Fraud and White-Collar Crime.

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