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Mortgage Fraud: Federal Bureau
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A report due to be released from the Federal Bureau of Investigation in the next "couple of weeks" will show mortgage fraud losses totaled $1 billion last year, an FBI spokesman told MortgageDaily.com. During the first half of 2006, fraud losses were $546 million.
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The FBI compiles data on mortgage fraud through Suspicious Activity Reports (SARs) filed by federally-insured financial institutions, and Department of Housing and Urban Development Office of Inspector General (HUD-OIG) reports. The FBI ... receives complaints from the mortgage industry at large.
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Identity theft is pervasive in mortgage and foreclosure fraud. Protect yourself by checking your credit report once every six months. Consumers can now check their report for free once a year from each of the three reporting bureaus.
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While the Federal Trade Commission does not actually resolve an individual consumer’s problem, it does investigate mortgage fraud with the aim of leading to law enforcement action. The FTC is especially active regarding homeowner and mortgage ‘identity theft.’
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