FBI Readies Nationwide Crackdown on Mortgage Fraud

[Cees Binkhorst]

REPLY TO: D66 at nic.surfnet.nl

Eén rondje van mij voor de FBI ;)
Laat ze svp beginnen met de mensen die meer dan USD10 miljoen er aan
'verdienden.'

Groet / Cees

FBI Readies Nationwide Crackdown on Mortgage Fraud
http://slatest.slate.com/id/2256734/entry/3/
The FBI is preparing a massive crackdown on mortgage fraud, the
Financial Times reports, and starting next week, the Bureau plans to
arrest hundreds of people for predatory lending practices that
contributed to the housing bubble. In late 2008, the FBI opened 23 local
mortgage fraud task forces to investigate lenders suspected of shady
behavior, including encouraging borrowers to take out loans that they
couldn't afford, misleading home owners about foreclosure programs, and
deliberately overvaluing homes. That same year, mortgage fraud-related
losses totaled about $1.4 billion—an 83.4 percent increase from 2007.
States that were hardest hit by the housing crash were the same ones
that experienced the highest levels of mortgage fraud, suggesting that
some lenders were encouraging people to take out loans that they would
never be able to pay back. While the FBI's official 2009 report won't be
released until June 17—it usually goes hand-in-hand with a wave of
arrests—early data shows that the mortgage fraud has likely continued to
spread. "As of June 2009, suspicious mortgage-related activity for the
year was on track to exceed 70,000 cases, a 10 per cent increase over
2008 levels," FT reports.

Read original story in Financial Times | Friday, June 11, 2010
http://www.ft.com/cms/s/0/da70fbfa-74e0-11df-aed7-00144feabdc0.html

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