Mortgage Fraud Increases in 2010, According to FBI Report


The Federal Bureau of Investigation’s (FBI) has released its 2010 Mortgage Fraud Report and the numbers are not good.  According to the report, mortgage fraud continued to rise in 2010, consistent with 2009 levels. Key finding show mortgage fraud schemes are particularly resilient, and they readily adapt to economic changes and modifications in lending practices. Offenders of mortgage fraud include: licensed/registered and non-licensed/registered mortgage brokers, lenders, appraisers, underwriters, accountants, and real estate agents, among others. Total dollars lost directly attributed to mortgage fraud are unknown. Top states for mortgage fraud activity during 2010 were CA, FL, NY, IL, NV, AZ, MI, TX, GA, MD and NJ.  The comprehensive FBI report is a good source of information for providing instruction on the subject of mortgage fraud.  The full report may be accessed here: http://www.fbi.gov/stats-services/publications/mortgage-fraud-2010/2010-mortgage-fraud-report.

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