Increase in Fraud Reports
There was a 7.5% increase in suspicious activity reports for mortgage fraud during the third quarter of 2009 compared to the same period in 2008, according to data compiled by the Treasury Department's Financial Crimes Enforcement Network.
From July 2009 to September 2009, there were 15,697 such reports from 446 financial institutions, 64 of which (14%) were credit unions.
The data showed that 42% of the suspicious activity reports came from California and Florida. Thirty-five percent of the reports indicated fraud between $100,000 and $250,000, and 32% noted fraud between $250,000 and $500,000.
To access the full report, go to www.fincen.gov/news_room/