FBI Vows to Crack Down on Mortgage Fraud

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00019626-fbi-vows-to-crack-down-on-mortgage-fraud/

By Kirstin Downey, Washington Post

The federal government yesterday announced a crackdown on what officials called the “growing epidemic” of mortgage fraud, with organized rings of real estate operatives bilking consumers and lenders out of billions of dollars.

At a news conference at FBI headquarters, law enforcement officials announced they had received 21,994 reports of “suspicious” real estate activity in fiscal 2005, up from 17,127 the previous year. They said the FBI is investigating 721 pending mortgage fraud cases in numerous states, up from 534 the previous year.

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