[FBI] 2009 Mortgage Fraud Report “Year in Review”

Discussion of various forms of Advance Fee Fraud, including application fees for loans that never materialize, self-liquidating loan scams, as well as mortgage elimination scams and related debt elimination scams [Nigerian-type scams should go in the Nigerian 4-1-9 forum]
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[FBI] 2009 Mortgage Fraud Report “Year in Review”

Postby The Dog » Thu Jun 17, 2010 5:31 pm

FBI, June 2010
http://www.fbi.gov/publications/fraud/m ... raud09.htm


Scope Note

The purpose of this study is to provide insight into the breadth and depth of mortgage fraud crimes perpetrated against the United States and its citizens during 2009. This report updates the 2008 Mortgage Fraud Report and addresses current mortgage fraud projections, issues, and the identification of mortgage fraud “hot spots.” The objective of this study is to provide FBI program managers with relevant data to better understand the threat, identify trends, allocate resources, and prioritize investigations. The report was requested by the Financial Crimes Section, Criminal Investigative Division (CID), and prepared by the Financial Crimes Intelligence Unit (FCIU), Directorate of Intelligence (DI).

This report is based on FBI, state and local law enforcement, mortgage industry, and open-source reporting. Information was also provided by other government agencies, including the U.S. Department of Housing and Urban Development-Office of Inspector General (HUD-OIG), Federal Housing Administration (FHA), the Federal National Mortgage Association, and the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN). Industry reporting was obtained from the LexisNexis Mortgage Asset Research Institute (MARI), RealtyTrac, Inc., Mortgage Bankers Association (MBA), and Interthinx®. Some industry reporting was acquired through open sources.

While the FBI has high confidence in all of these sources, some inconsistencies relative to the cataloging of statistics by some organizations are noted. For example, suspicious activity reports (SARs) are cataloged according to the year in which they are submitted and the information contained within them may describe activity that occurred in previous months or years. The geographic specificity of industry reporting varies as some companies report at the zip code level, and others by city, region, or state. Many of the statistics provided by the external sources, including FinCEN, FHA, and HUD-OIG, are captured by fiscal year; however, this report focuses on the calendar year findings. While these discrepancies have minimal impact on the overall findings stated in this report, we have noted specific instances in the text where they may affect conclusions.

See Appendix A for additional information for these sources.

heather

Re: [FBI] 2009 Mortgage Fraud Report “Year in Review”

Postby heather » Sun Jul 04, 2010 3:17 pm

Does this report mean mortgage fraud has increased or decreased over the past 10 years? With foreclosures being so common right now, I'm not surprised to see these findings. So many people are doing whatever they can to keep their houses right now, and that seems to be turning into a surge in illegal activity.
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Re: [FBI] 2009 Mortgage Fraud Report “Year in Review”

Postby Judge Roy Bean » Sun Jul 04, 2010 3:32 pm

heather wrote:Does this report mean mortgage fraud has increased or decreased over the past 10 years? With foreclosures being so common right now, I'm not surprised to see these findings. So many people are doing whatever they can to keep their houses right now, and that seems to be turning into a surge in illegal activity.
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"Mortgage fraud" in all its flavors has grown almost exponentially but the majority of the acts outlined in the report are crimes against financial institutions.
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Re: [FBI] 2009 Mortgage Fraud Report “Year in Review”

Postby wserra » Sun Jul 04, 2010 3:42 pm

That "promotional link", JRB, attempted an attack on my computer, blocked by AV. I have disinvited "Heather" from the board.
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