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Mortgage Fraud
From foreclosure frauds to subprime shenanigans, mortgage fraud is a growing crime threat that is hurting homeowners, businesses, and the national economy. We have developed new ways to detect and combat mortgage fraud, including collecting and analyzing data to spot emerging trends and patterns. And we are using the full array of investigative techniques to find and stop criminals before the fact, rather than after the damage has been done.
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09.20.10
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A South Florida case illustrates how lenders, buyers, and sellers can lose millions.
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Estimated Annual Losses: $10 billion-plus (Source: Corelogic) |
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Total Suspicious Activity Reports in FY 2011: 93,508 with more than $3 billion in losses |
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FBI Mortgage Fraud Task Forces/Working Groups: 92 |
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Pending Investigations (through 12/31/11): 2,590 with 71 percent involving losses of more than $1 million |
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Cases opened in FY 2011 (as of 2/28/2011): 245
Cases opened in FY 2011: 599 |
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Successes in FY 2011: 1,220 indictments/informations; 1,089 convictions |
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States with Significant Mortgage Fraud Problems in 2010: Florida, New York, California, New Jersey, Maryland, Michigan, Virginia, Ohio, Colorado, and Illinois (Source: Mortgage Asset Research Institute) |
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