Mortgage Fraud Remains Prevalent, Organized Crime Involved: FBI
Mortgage fraud remained prevalent in 2010 despite national efforts to crack down on perpetrators — many of whom have ties to organized crime, according to the FBI.
Palm Coast, FL – August 15, 2011
Mortgage fraud remained prevalent in 2010 despite national efforts to crack down on perpetrators — many of whom have ties to organized crime, according to the FBI.
The bureau cited data from CoreLogic, which suggests $10 billion in loans originated last year were based on fraudulent application data.
The schemes cited by federal authorities run the gamut, with frauds involving loan origination, foreclosure-rescue initiatives and short sales.
Fraud also is occurring when parties are engaged in property flipping, loan modifications, equity skimming, builder bailouts, reverse mortgages, and title and escrow deals.
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