Mortgage Fraud a Problem, Even in Housing Downturn: FBI

Both before 2008 and today, there’s a disturbing tendency in Washington to not take mortgage fraud seriously In this post I will focus primarily on how fraud in the origination and distribution portions of the privately securitized mortgage supply chain contributed to the financial crisis, because.

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Combatting significant fraud in this area is a priority, because mortgage lending and the housing market have a significant overall effect on the nation’s economy. The FBI works closely with national associations such as the MBA, as well as with individual lenders, in a continual effort to define and combat the growing Mortgage Fraud problem.

How to Report Mortgage Fraud. Since the crisis and collapse in the housing market in 2007 to 2009, prosecutions of mortgage fraud are on rise. The FBI definition of mortgage fraud is "any material misstatement, misrepresentation or.

From industry insiders to straw buyers, nearly 500 people were arrested in a nationwide mortgage fraud takedown as a result of coordinated efforts by law enforcement to address the growing problem.

Negative equity gap nears $4 trillion  · That brings the total value lost since the market peaked in June 2006 to $9 trillion. By comparison, from 2001 to the end of September 2010, the war in Iraq has cost $750.8 billion, according to a September report by the Congressional Research Service(3). The bulk of the total value lost during 2010 was in the second half of the year.

Evidence of that can be found in FBI reports of mortgage fraud, which. the 1990s ended and the Westside market took off again after a long downturn.. They allegedly enlisted two appraisers to inflate houses’ values, and an.. up in an alleged fraud scheme has even some of their competitors wondering.

Mortgage Fraud a Problem, Even in Housing downturn: fbi indictment reveals broad scheme in alleged mortgage fraud. – In 2009, President Obama announced an interagency Financial Fraud Enforcement Task Force to crack down on the problem.

FBI Mortgage Fraud Crackdown "There’s a close correlation between states with foreclosure problems and states with mortgage fraud problems," says Sam Garcia of "There’s a good portion of foreclosures that probably resulted from some form of mortgage fraud." Closing: The Las Vegas downturn has merely just begun.

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FBI to warn borrowers, lenders on mortgage fraud. The reports reflect losses of about $946 million, it said. The notice informs consumers and lenders that mortgage fraud is punishable by up to 30 years in prison, a $1 million fine, or both.

In 2012, the FBI estimates nearly $13 million was lost in fraudulent residential mortgage originations. As we continue to see a decrease in loan originations, high levels of unemployment and housing inventory, among other factors, we’ll continue to see cases of mortgage fraud.