FBI Warns of Rising Mortgage Fraud
- By:
- MortgageLoan.com | May 14, 2008
The FBI, which is currently involved in over 1300 active investigations into mortgage 'irregularities' reported on Tuesday that as a result of the sinking housing market, they expect to witness a sharp rise in the number of 'suspicious' mortgage activity reported.
According to the 2007 Mortgage Fraud Report, suspected mortgage fraud rose 31% to 46,717 from 35,617 in the previous fiscal year ending October 31. In the first half of fiscal 2008, there were more than 33,000 such reports.
That number "is just the tip of the iceberg, reflecting only a small percentage of financial damage suffered by victims of mortgage fraud," sais Kenneth Kaiser, the FBI's assistant director in charge of the bureau's criminal investigations division, in a statement.
According to the report, the top 10 hotspots nationwide for mortgage fraud in 2007, carefully mapped from multiple public and private sources, were: Florida, Georgia, Michigan, California, Illinois, Ohio, Texas, New York, Colorado, and Minnesota. The north-central region had the largest share of mortgage fraud, followed by the west and southeast regions.
Housing Rescue Slows as Foreclosures Increase
- By:
- MortgageLoan.com | July 04, 2008
With lenders on the back foot following mounting criticism over their sluggish attempts to quell the rising tide of foreclosures, new figures from Hope Now, show its members helped roughly 170,000 homeowners avoid foreclosure in May. The figure however is a 7 percent drop from April's figure of 183,000.
Mortgage Application Volumes Rise
- By:
- MortgageLoan.com | July 03, 2008
Weekly mortgage applications in the U.S rebounded in the week ended June 27, figures from the Mortgage Bankers' Association (MBA) revealed on Wednesday. The figure is a 3.6 percent week-over-week increase in applications.
Jazz Legend Avoids Foreclosure
- By:
- MortgageLoan.com | July 02, 2008
Renowned jazz vocalist, Ernestine Anderson has been able to stave off the threat of foreclosure - for now.
Florida sues Countrywide
- By:
- MortgageLoan.com | July 01, 2008
Florida has joined the increasing number of states to take action against Countrywide, with Florida Attorney General, Bill McCollum filing the lawsuit against the mortgage lender for predatory lending practices.
Five Indicted in Alleged Mortgage Fraud
- By:
- MortgageLoan.com | June 30, 2008
A federal grand jury has indicted five people on federal charges of conspiracy to commit bank fraud and other crimes tied to an alleged mortgage fraud scheme.
Countrywide Sued By States Over Lending Practices
- By:
- MortgageLoan.com | June 27, 2008
Countrywide Financial, the mortgage lender that lost $2.5 billion amid rising defaults and foreclosures as well as being widely blamed for worsening the U.S housing crisis through discriminatory lending has been sued by California and Illinois.
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