Mortgages & Madness; Newsweek Article (Mortgage Fraud)

[TJ_98370]

A good article about fraud in the mortgage industry -

[S-Crow]

I wonder if any of that mortgage fraud occured in our region?

[TJ_98370]

[TJ_98370]

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Wow! Skimming the linked site will give you an idea on how widespread the mortgage fraud problems is.



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The following provides some numbers and other details:



Mortgage fraud is clearly on the rise. Although there is no central way to track the total extent of the problem, the FBI received 46,717 Suspicious Activity Reports related to mortgage fraud last year—compared to 35,617 in 2006 and just 6,936 in 2003. Only seven percent of these reports documented an exact dollar amount in terms of losses, but even so, the total loss from this seven percent was $813 million. The FBI's caseload has also escalated. By the end of fiscal year 2007, the FBI was handling just over 1,200 mortgage fraud investigations—a 47 percent increase from 2006 and a whopping 176 percent increase from 2003.......