Thursday, June 16, 2011
Mortgage & Foreclosure Fraud Crackdown
From foreclosure frauds to subprime shenanigans, mortgage fraud is a growing crime threat that is hurting homeowners, businesses, and the national economy. From industry insiders to straw buyers, nearly 500 people have been arrested in a nationwide mortgage fraud takedown that reflects the coordinated efforts of law enforcement to address the growing problem of crime in the housing industry. The FBI has initiated it's largest mortgage fraud takedown to date with "Operation Stolen Dreams"
“Mortgage fraud ruins lives, destroys families, and devastates whole communities,” Attorney General Eric Holder said at a press conference to announce the results of “Operation Stolen Dreams.” Launched on March 1, 2010, the multi-agency initiative has led to a total of 485 arrests. More than 330 convictions have been obtained, and nearly $11 million has been recovered. Losses from a variety of fraud schemes are estimated to exceed $2 billion. The FBI is currently pursuing more than 3,000 additional mortgage fraud cases, almost double the number from last fiscal year.
The numbers are staggering and even more surprising given the difficulties of legit buyers in obtaining any mortgage financing.
GES Real Estate, LLC