FBI steps up nationwide efforts to address mortgage fraud

TRD MIAMI /
Mar.March 03, 2011 03:46 PM

The Federal Bureau of Investigation says it’s handling more than 3,000 mortgage fraud cases nationwide, an increase of more than 400 percent since 2004, the Daily Record reported. According to CoreLogic, fraud has cost the mortgage industry an estimated $25 billion over the past two years. In recent years, New Jersey has ranked among the top 10 states for mortgage fraud activity, due in part to its dense population and abundance of mortgage bankers. “It’s all over the state,” said Terrence Hull, supervising deputy attorney general and chief of the major crimes bureau in the New Jersey Division of Criminal Justice. “There are detectives and AGs that that’s all they have is mortgage fraud.”

Victims include lenders, homeowner and investors. Now that the housing bubble has burst and lenders have tightened credit, scammers are targeting the record number of U.S. homeowners facing foreclosure. A report last year by the U.S. Government Accountability Office warned that the foreclosure crisis presented criminals with “unprecedented opportunities to profit from homeowners desperate to save their homes.” More than 74,000 home loans in New Jersey were more than 60 days past due last year, according to the GAO. The FBI and other law enforcement agencies are coordinating their efforts to pursue the perpetrators of these crimes. In New Jersey, a mortgage fraud task force including representatives from the FBI, the state attorney general’s office and county prosecutors meets regularly to share intelligence and divide up cases. [Daily Record]


Related Articles

arrow_forward_ios
Joseph Menaged with his units at Faena House and One57 (Credit: Facebook, Redfin, StreetEasy)

Father of “Property Wars” star pleads guilty to bank fraud

Father of “Property Wars” star pleads guilty to bank fraud
Georgina Pineda and King David Condominium at 17555 Atlantic Boulevard (Credit: Realtor)

Property manager stole HOA money, then gambled it away: police

Property manager stole HOA money, then gambled it away: police
Robert Matthews and the Palm House Hotel (Credit: NAIOP)

Palm House Hotel developer will use taxpayer money to pay legal bills: report

Palm House Hotel developer will use taxpayer money to pay legal bills: report
(Credit: iStock)

Three arrested in South Florida affordable housing scam

Three arrested in South Florida affordable housing scam
Miami beach skyline (Credit: iStock)

Florida man sentenced in $3.5M mortgage fraud scheme that targeted Orthodox Jewish community

Florida man sentenced in $3.5M mortgage fraud scheme that targeted Orthodox Jewish community
Miccosukee casino

Feds look to seize properties tied to Miccosukee embezzlement scheme

Feds look to seize properties tied to Miccosukee embezzlement scheme
From left, clockwise: Marquis Miami, the Bath Club, an Odebrecht sign, and Peninsula 2 condos (Credit: Wikipedia)

SoFla luxury real estate now tied to former Odebrecht execs implicated in corruption probe

SoFla luxury real estate now tied to former Odebrecht execs implicated in corruption probe
Anthony Gignac and Fontainebleau Miami Beach (Credit: Maimi-Dade police)

Fake sultan sentenced after allegedly defrauding Jeffrey Soffer and others

Fake sultan sentenced after allegedly defrauding Jeffrey Soffer and others
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...