U.S. mortgage fraud ‘rampant’ and growing-FBI | U.S. | Reuters
Author: admin / Category: US Real EstateU.S. mortgage fraud reports jumped 36 percent last year as desperate homeowners and industry professionals tried to maintain their standard of living from the boom years, the FBI said on Tuesday.
Suspicious activity reports rose to 63,713 in fiscal year 2008, which ended last September, from 46,717 the year before. California and Florida, centers of the housing bust, had the highest numbers of suspicious reports as foreclosures jumped, the stock market dropped and credit dried up.
“These combined factors uncovered and fueled a rampant mortgage fraud climate fraught with opportunistic participants desperate to maintain or increase their current standard of living,” the Federal Bureau of Investigation said in its report.
via U.S. mortgage fraud ‘rampant’ and growing-FBI | U.S. | Reuters.
