Estimated Annual Losses*: $4 billion
to $6 billion
Total Mortgage Fraud Suspicious Activity Reports (SARs) in Fiscal Year 2008: 63,173, with more than $1.5 billion in losses
-
So far in fiscal year 2009: 28,873 SARs (February 2009)
Total FBI Mortgage Fraud Task Forces/Working Groups:
65
Pending FBI Mortgage Fraud Investigations (February 2009): More than 2,000
Cases opened in Fiscal Year 2008: 734 (compared to 295 in Fiscal Year
2003)
Successes in Fiscal Year 2008: 560 indictments/informations;
338 convictions
States with Significant Mortgage Fraud problems in 2008**: 1. Florida,
2. Nevada, 3. Michigan, 4. California, 5. Utah, 6. Georgia, 7. Virginia,
8. Illinois, 9. New York, 10. Minnesota.
* - Source: The Prieston Group ** - Source: Mortgage
Asset Research Institute
|