Mortgage Fraud on the Rise Again in the U.S.

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WASHINGTON (Reuters) – U.S. Mortgage Bankers Association showed applications for loans to purchase a home increased 6%.

The sinking U.S. housing market is fertile ground for mortgage fraud, the FBI warned in a new report.. FBI warns mortgage fraud is on the rise. The FBI said that mortgage fraud losses in.

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Law360, Chicago (February 5, 2016, 3:39 PM EST) — A Chicago real estate lawyer pled guilty to bank fraud in Illinois federal court friday, admitting his role in a $22.9 million mortgage fraud scheme.

Although most people don’t associate applying for a mortgage with committing a crime, mortgage fraud is more common than you would think. Anecdotal evidence suggests that even though the number of cases is relatively low compared to the total of all fraudulent acts committed against financial institutions, the total dollar losses are extremely high.

The originality of fraudsters knows no bounds. Fraud doesn’t just creep on those who have their sensitive credit card information stolen. Take for example, reverse mortgage occupancy fraud. For those who don’t know, reverse mortgage occupancy fraud is an increasingly popular scam to get around.

In 2004, the FBI warned that mortgage fraud was becoming so rampant that the resulting "epidemic" of crimes could trigger a massive financial crisis. According to a December 2005 press release from the FBI, "mortgage fraud is one of the fastest growing white-collar crimes in the United States".

Lenders always have their eyes on the horizon, watching the changing competitive environment, and along those lines I penned a piece for the STRATMOR Group titled “The Rise of the Credit Unions.”.

Mortgage Fraud on the Rise According to a report by CoreLogic, lenders are reporting increased levels of fraud as the fraud artists migrate toward higher risk, high volume loan programs. These include those offered by the Fair Housing Administration (FHA), Home Affordable Refinance Program (HARP) as well as short sales and real estate owned (REO) sales.

Suspected Mortgage Fraud. fincen assessment reveals Suspected Mortgage Loan Fraud Continues to Rise. – Information regarding the Financial Stability Plan to restore stability to the U.S. financial system, introduced in February 2009 by Treasury Secretary Timothy.