Posted on 30 July 2009
Tags: annual report, borrowers, FBI Criminal Investigative Division, FBI mortgage fraud investigations, Federal Bureau of Investigation, financial institutions, fiscal year, foreclosure, foreclosure filings, industry partners, law enforcement agency, legitimate homeowners, Mortgage Fraud Report, mortgage fraud schemes, mortgage fraud Suspicious Activity Reports, Mortgage News, real estate news, regulatory, SARs, U.S. mortgage Fraud, U.S. mortgage Fraud Hit $1.4 billion
Mortgage fraud loses of at least $1.4 billion in 2008 has been reported by the U.S. financial institutions , there has been a rise of 83.4 per cent over 2007, said by the FBI.
Further the FBI said that, according to the Federal Bureau of Investigation’s 2008 Mortgage Fraud Report that has been released on Tuesday, during fiscal year (FY) 2008 mortgage fraud Suspicious Activity Reports (SARs) referred to law enforcement has been increased up to 36 % to 63,713 , as compared to 46,717 reports in FY 2007.
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