FBI warns of escalating mortgage fraud

The Associated Press ^ | May 13, 2008

[george76]

Mortgage fraud schemes rose 31 percent last year and will likely keep rising in 2008, FBI says

The agency said Tuesday that reports of suspected mortgage fraud rose 31 percent to 46,717 in fiscal 2007...

That was up from 35,617 in the previous fiscal year.

That number "is just the tip of the iceberg, reflecting only a small percentage of financial damage suffered by victims of mortgage fraud,"

Florida led the led the nation in mortgage fraud in 2007 for the second straight year, followed by Nevada, Michigan, California, Utah and Georgia.

[ex-Texan]

Mortgage fraud by lenders reached it's peek in 2006 and early 2007. 'Back in the days' when shills signed up suckers up with telephone campaigns made from 'boiler rooms' all across the nation. Thousands were lured into loan scams by major Wall Street Banks. Most had very profitable boiler room operations running. 'Greed is good,' by Gordon Gecko took over. Scam artists got rich. Corporate big wigs made hundreds of millions in bonuses.

Today mortgage applicants need perfect credit and 20% to 25% down. It's pretty hard to believe this FBI claim that mortgage fraud is increasing today. The days easy money, no money down, exotic formulations, interest only, teaser loans with rates of 2% are gone forever.

YouTube: Mortgage Servicing Fraud Victim Telling Off CNBC Reporter

Oh, well . . . Nothing to see here. If you want to learn more click here Yada, yada, yada.

[Lancey Howard]

LOL, I'm a friggin moron who got into debt over my head because I didn't understand.....

[Prov1322]

This clown is an absolute maroon (apologies to Bugs Bunny...) missing his tinfoil cap...

[M. Espinola]

Some mortgage fraud crooks are getting arrested, but no enough.

Colorado ranked 9th for mortgage fraud

FBI Says Nevada Primed for Mortgage Fraud

PALM BEACH COUNTY MAN SENTENCED IN HEALTH CARE FRAUD, BANKRUPTCY AND MORTGAGE FRAUD SCHEME

Five indicted in southwest Idaho mortgage fraud case

[george76]

Woo Hoo

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