Mortgage Fraud Crackdown Reportedly Coming
The FBI is not commenting, but media outlets this morning are reporting that the agency is preparing a significant nationwide crackdown on mortgage fraud.
The FBI will arrest hundreds of people across the U.S. on various mortgage fraud charges, according to the Financial Times and The New York Times. The types of fraudulent practices being particularly targeted, the papers reported, were falsifying income information on mortgage applications, misleading home owners about mortgage rescue programs and inflating real estate appraisals.
A report from the agency estimated mortgage fraud activity at more than 70,000 cases per year last year, the Financial Times reported.