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Fbi Report 2003-2007 - Usa Today

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Mike Kennedy

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http://www.usatoday.com/news/nation/2008-01-13-mortgagescams_N.htm?se=yahoorefer:beer:


The FBI opened 1,210 mortgage fraud cases in fiscal year 2007, nearly triple the number of new cases in 2003. Convictions more than doubled from 123 in the 2006 fiscal year to 260 in 2007.
"We expect that number to increase again in 2008," says FBI financial crimes section chief Sharon Ormsby. Low interest rates, rising home values and lax lending standards "created the perfect storm of lending fraud," she says.

In the past year, the bureau created 34 mortgage fraud task forces and working groups with investigators from departments including Housing and Urban Development, Treasury and Veterans Affairs. They investigate suspicious activity such as deceptive pricing and falsified documentation by mortgage brokers, lenders, appraisers, real estate firms and others, Ormsby says.

The FBI expects more foreclosure scams as criminals prey on growing numbers of people desperate to keep their homes while interest rates balloon on adjustable rate mortgages, Ormsby says. She also expects increasing fraud in "reverse mortgages," in which homeowners 62 or older can take out a loan against the equity in their home. Unlike a traditional home-equity loan, the borrower doesn't pay back a reverse mortgage until they sell the home.

SEE LINK
 
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Riick

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Delaware
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Literally Millions of mortgages originated in 2005, 2006, 2007.
260 cases opened in 2007.
VERY impressive !
.
 

Alison Swain

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Certified Residential Appraiser
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Florida
.
Literally Millions of mortgages originated in 2005, 2006, 2007.
260 cases opened in 2007.
VERY impressive !
.

They need to talk to the IRS. They're much more efficient!


:rof: :rof: :rof:
 

Mike Kennedy

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Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
.
Literally Millions of mortgages originated in 2005, 2006, 2007.
260 cases opened in 2007.
VERY impressive !
.


In the past year, the bureau created 34 mortgage fraud task forces

Better late than NEVER. 1200 cases will rapidly multiply........ considering targets are MAJOR players...... those cases involve millions of individual loans in EVERY state.

"it ain't over till it's over".........

Interesting that many posters over the years have complained, and continue to complain, about the lack of ANY action by the Feds....... now that it's begun ........I suggest supporting the effort and assisting. :)
 

Karl

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Jan 15, 2002
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State
Arizona
This is exactly why it takes so long to put a case together every investigation appears to lead to another case. & they are tied by certain continued threads including APPRAISER.

"In the past year, the bureau created 34 mortgage fraud task forces "

\\ & I'll add to that: & now have included IRS forces.

Wake up Appraisers GO to them before they come to you. OH!! I know you did nothing wrong, Appraisers had NOTHING to do with the inflated values, are you POSITIVE?? Are you POSITIVE enough to go to court with a 12 Home Owner Jury??

Rember NOW that it is SLOW for Appraisers it is also SLOW for those that took advantage of you Underwriters, Loan Officers. Wonder WHO thier taslking to!!
 
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Smokehouse

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Pam should be congratulated!
 

GCJim

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Dec 11, 2007
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State
New Jersey
It appears that the other shoe is now dropping, lawsuit floodgates are opening wider and the takeovers have begun........and so, the 'singing' has really just begun!
I believe there will be much singing like canaries!
 

Riick

Elite Member
Joined
Aug 14, 2007
Professional Status
Certified Residential Appraiser
State
Delaware
In the past year, the bureau created 34 mortgage fraud task forces

Better late than NEVER. 1200 cases will rapidly multiply........ considering targets are MAJOR players...... those cases involve millions of individual loans in EVERY state.


How do we know this ???
Is this the reason that the FBI has ignored Appraiser identity theft cases - that are years old??
 

Mike Kennedy

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Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
"They investigate suspicious activity such as deceptive pricing and falsified documentation by mortgage brokers, lenders, appraisers, real estate firms and others,"
 
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