WASHINGTON – The Office of Federal Housing Enterprise Oversight and the Financial Crimes Enforcement Network reached an agreement to facilitate the sharing of OFHEO examination findings with FinCEN concerning actual or suspected mortgage fraud.
FinCEN intends to include this information in its database of Bank Secrecy Act information, which can be queried by law enforcement officials.
Last year OFHEO, which regulates Freddie Mac and Fannie Mae, adopted a final rule that formalizes the government sponsored enterprises' reporting of mortgage fraud and possible mortgage fraud to OFHEO.
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In a joint release, FinCEN and OFHEO said the regulator's findings "will be significantly valuable in the effort to combat the use of mortgage transactions as a vehicle for fraud, financial crime or money laundering."
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