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Mortgage Fraud on the Rise Again in the U.S.

Where is Mortgage Fraud Taking Place? Mortgage fraud occurs throughout the United States, but these were the top 10 states mortgage fraud was committed from September 2015 to September 2016: 1) Florida. 2) New York. 3) New Jersey. 4) Hawaii. 5) Washington, DC. 6) Nevada. 7) California

Mortgage application fraud risk in the U.S. has been steadily increasing at the national level since CoreLogic started tracking this data in 2010, and according to new analysis, fraud risk is becoming more prevalent in larger metropolitan areas, particularly in the Northeast and Southeast.

Schneiderman, who recently was named co-chairman of President Barack Obama’s mortgage fraud task force. which have fallen by more than a third since 2007, begin to rise again. Borrowers can finally.

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Those mortgages were purchased by government-backed mortgage. out by U.S. taxpayers during some of the period that the alleged fraud took place. It accepted $45 billion in funds from October 2008.

The latest mortgage fraud to affect the mortgage industry is being called wire fraud or down payment wire fraud. Each case tends to involve a combination of email hacking, identity fraud and wire.

Even as the U.S. economy has begun to recover, including some signs of life in the housing market, an FBI report released in conjunction with the announcement of the arrests said that fraud has been.

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But, somewhat surprisingly, mortgage fraud has spiked as well. Hmm. Some experts attribute this to home prices outstripping borrower income, thus motivating borrowers to stretch the envelope in.

Mortgage fraud is a crime in which the intent is to materially misrepresent or omit information on a mortgage loan application in order to obtain a loan or to obtain a larger loan than could have been obtained had the lender or borrower known the truth.. In united states federal courts, mortgage fraud is prosecuted as wire fraud, bank fraud, mail fraud, and money laundering, with penalties of.

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