Mortgage Fraud Cases Increase by 63%
Posted on Sep 18, 2009 12:04pm PDT
According to the FBI, in the past year, mortgage fraud investigations have increased by 63% in the United States. Bureau director, Robert Mueller, told the Senate Judiciary Committee today that mortgage fraud, "schemes have evolved with the changing economy, targeting vulnerable individuals, victimizing them even as they are about to lose their homes."
At this time, the FBI has over 2,600 cases open and most of them involve losses and fraud of more than one million dollars. This number is triple the amount of cases that were open just 3 years ago. Last May, 2,400 cases remained open.
The FBI says that its resources have begun to focus primarily on mortgage fraud cases. Recently, it assigned 300 special agents to investigate and close cases. Mueller told news sources that the Bureau will focus most of its investigations on "industry insiders." He also said that currently, the FBI has 580 open corporate fraud investigations, but he would not identify which companies were under investigation.
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