Mortgage Fraud Summit - II

March 12, 2010

Mortgage fraud problems continue to plague our nation and cost billions of dollars. Law enforcement continues the battle. Ensure you're using a reputable firm for your mortgage.

Audio Transcript

Mr. Schiff: Tough economic times have increased mortgage fraud. At FBI Headquarters in Washington, the chief of the Financial Crimes Section, Sharon Ormsby, says be careful if your loan is going into default.

Ms. Ormsby: “Use a reputable firm and be careful of any cold calls that they receive at their home or residence.”

Mr. Schiff: Ormsby, who recently attended a mortgage fraud summit in Miami, says this problem is not going away.

Ms. Ormsby: “If the economy is bad, meaning that this current situation where houses or people and houses are under water, then what we start seeing is foreclosure rescue scams and loan modification scams.”

Mr. Schiff: Ormsby says the FBI looks at this from a criminal enterprise angle.

Mr. Ochoa: “People are doing a fraud for profit, where they’re doing this on multiple homes, trying to take the money out of the home as ill-gotten gains, then allowing the loan to default and go into foreclosure.”

Mr. Schiff: If you think you’re a mortgage fraud victim, call the FBI. I’m Neal Schiff of the Bureau and that’s what’s happening at the “FBI, This Week.”

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