Mortgage Fraud on Rise in United States

Protect Yourself at Closing

Mortgage fraud is one of the hottest con games going around. Recently an FBI assistant director testified at a congressional hearing that fraud is pervasive in the mortgage market and is growing fast.

Through the first nine months of 2004, mortgage companies and banks reported more than 12,000 instances of suspicious activity surrounding the closings of mortgages.

It seems some mortgage loan officers, brokers, real estate agents and lawyers are creating fake credit scores, tax returns and identities and ordering inflated appraisals. Some fraud may be lying about a borrower

Posted by Jim Langcuster at February 24, 2005 08:04 AM