Mortgage Fraud a Problem, Even in Housing Downturn: FBI

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Mortgage fraud is easy, common and lucrative.. from lawyers to mortgage brokers and four of the bank's own employees-even a Calgary MP. It's such a serious problem that the FBI assembled a national mortgage fraud team in 2008. A spokesperson for the Canada Mortgage and Housing Corp.,

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The United States subprime mortgage crisis was a nationwide financial crisis, occurring between 2007 and 2010, that contributed to the U.S. recession of December 2007 – June 2009. It was triggered by a large decline in home prices after the collapse of a housing bubble, leading to mortgage delinquencies and foreclosures and the devaluation of housing-related securities.

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The FBI was aware for years of "pervasive and growing" fraud in the mortgage industry that eventually contributed to America’s financial meltdown, but did not take definitive action to stop it.

Scott Hunter, the FBI’s supervisory special agent here, describes the region as "mortgage fraud ground zero." The problem is so widespread that everyone seems to know someone affected by it. Even one of the FBI’s Las Vegas agents has a connection: Special Agent Henry Schlumpf’s wife was the real estate broker who sold the rolling hills drive house last year to a straw buyer representing Mazzarella and.

FBI reports mortgage fraud rose 60% in year. Did your builder. KENNETH HARNEY, based in Washington, writes on national housing issues.

FBI to warn borrowers, lenders on mortgage fraud. The reports reflect losses of about $946 million, it said. The notice informs consumers and lenders that mortgage fraud is punishable by up to 30 years in prison, a $1 million fine, or both.

Mortgage fraud has become more prevalent over time and is a particular concern during an economic recession. Upheaval in housing markets, homeowners facing foreclosure and unscrupulous persons looking for easy money all contribute to a climate in which mortgage fraud may occur. The FBI defines mortgage fraud as "any material misstatement, misrepresentation or omission relied upon by an underwriter or lender to fund, purchase or insure a loan."

Mortgage Fraud Rates are Flashing a Warning Nevada might be among the worst-hit states for housing. the top 10 mortgage fraud states in 2007, but the state was cited as “significantly affected.” It’s not entirely clear how pervasive the.