FBI Renews Push to End Mortgage Fraud

The FBI says it will renew its efforts to end mortgage fraud. A spokesman said last week that the FBI anticipates arresting hundreds in crackdowns scheduled over the coming weeks.

Offenses agents expect to find range from schemes that encourage borrowers to lie about their incomes to scams that rely on falsifying foreclosure information.

The FBI has set up 23 fraud task forces across the U.S. to carry out the anticipated sweep.

Source: Financial Times (06/11/2010)

Mortgage Fraud Crackdown Continues

The FBI was instrumental in 206 convictions in 2007 for real estate securities and commodities fraud.

According to an FBI report released Thursday, the 1,204 mortgage fraud cases pursued in 2007 resulted in 321 indictments and court orders for $595.9 million in restitution.

The FBI, working in conjunction with the Securities and Exchange Commission, is investigating more than 1,300 mortgage-fraud cases and conducting 19 corporate investigations linked to the subprime lending crisis.

Source: The Associated Press, Marcy Gordon 05/22/08