In 2004, the FBI warned that mortgage fraud was becoming so rampant that the resulting "epidemic" of crimes could trigger a massive financial crisis. According to a december 2005 press release from the FBI, "mortgage fraud is one of the fastest growing white-collar crimes in the United States".
WASHINGTON – It may not have made a big splash on network news or in print, but for real estate it was the equivalent of a congressional declaration of war – a war against mortgage fraud.
Fraud in connection with home mortgages is on the rise, ranging from little white lies about the intended use of the property all the way up to much more sophisticated schemes.
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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He appeared briefly in U.S. District. of fraud as well as [to] mitigate the damage caused by fraudulent acts," according.
Mortgage fraud is on the rise as more buyers are inflating their incomes in order to qualify for new purchases. States like Florida, New York, New Jersey, Washington, D.C. and New Mexico are most.
· Which states and markets are the biggest risks of application fraud? Click here to find out. Defects found on mortgage loan applications is on the rise and have been throughout 2015, according to.
[Charts] CoreLogic: New mortgage demand about to boom, along with fraud risks. it is likely that mortgage application fraud risk will continue to rise as well.". IMF says U.S.-China trade.
New data suggests that mortgage fraud-which got tougher to pull off after the collapse of the U.S. real estate market-is returning in a big way.
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Mortgage Fraud Is Rising With a Twist.. In 2009, $14 billion in loans, or about 0.7% of all mortgage loans made in the U.S., were originated with fraudulent application data. The figures are a fraction of the mortgage market, but the increase is sharp.