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BEWARE! Mortage Fraud

Mortgage Fraud Continues to Increase

Mortgage fraud continues to increase as vulnerable homeowners seek answers to their housing issues, according to the 2008 Mortgage Fraud Report released Tuesday by the Federal Bureau of Investigation.

Reported losses to fraud hit $1.4 billion, up 83 percent compared to 2007 and are likely to climb even higher in 2009, the FBI said.

The number of fraud reports was 63,713 in fiscal 2008, up from 46,717 the previous year.

"The downward trend in the housing market during 2008 provided a favorable climate for mortgage fraud schemes to proliferate," the report said. "Several of these schemes have the potential to spread if the current economic downward trend, as expected, continues into 2009 and beyond."

Source: The Associated Press (07/08/2009)

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Posted by Mike & Cindy Jones~Jacksonville, Fl Real Estate~(904) 874-0422 on 07/09/2009 07:02 AM

Comments (3)

Mortage Fraud in the Real Estate Market Channel

mortage fraud, orange park, jacksonville, homes, for sale, selling, housing market, homeowners, real estate

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3 Comments on BEWARE! Mortage Fraud

JUL

I guess we all knew it wasn't over. Hopefully we can survive and make it to the end of the rainbow. I am not counting on a pot of gold just a steady year of closings.

SHelton

you would think that they would learn by now, but unfortunately fraud is on the rise, especially regarding loan mods.

JUL

Capitalism does, indeed, provide great incentive for various schemes. And to think that some people continue to want total free market capitalism. Doesn't work. One needs rules and regulations to help combat the out-and-out greed.

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