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Originally posted on HomeFinancingNews.com.

Mortgage fraud is again stepping into the media limelight. NPR's Morning Edition reports on new FBI investigations which are being carried out in Las Vegas, Nevada: a city which is fast emerging as the mortgage fraud capital of America.

Current turmoil in the city's property market has led the FBI to uncover a number of schemes involving 14 financial institutions. Some very shady tactics have resulted in property prices being artificially inflated so that investors could pocket quick profits. That in turn has led some desperate buyers into adjustable rate mortgages which they couldn't really afford. And as their rates have adjusted and they've been foreclosed on, a cascade effect of foreclosures has been triggered in some Sin City neighborhoods.

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