Mortgage Fraud Cases Increase - I
May 30, 2008
Mortgage Fraud is keeping the FBI busier than you can imagine...
Mr. Schiff: Mortgage Fraud is keeping the FBI busier than you can imagine...
Mr. Weber: "Mortgage Fraud is an extremely serious crime resulting in millions and millions of dollars worth of losses."
Mr. Schiff: That's FBI Special Agent Brian Weber. He works in the Economic Crimes Unit in the FBI's Criminal Investigative Division...
Mr. Weber: "Fraudsters have been taking advantage of the mortgage industry for many years. And the recent rapid increase in real estate prices have made that specific fraud that much more lucrative to the fraudsters."
Mr. Schiff: Weber says the types of mortgage fraud changes over time...
Mr. Weber: "Builder Bailout Schemes, Seller Assistance Schemes, Foreclosure Rescue Schemes, Short Sales Schemes and Identity Theft related to Home Equity Lines of Credit."
Mr. Schiff: The FBI's Financial Crimes Report to the Public for Fiscal Year 2007 shows that the FBI had more than 1,200 Mortgage Fraud cases with more than 300 indictments, 200 convictions and over $66 million in restitution orders. I'm Neal Schiff of the Bureau and that's what's happening at the "FBI, This Week."
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