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by CareyBot

Residential mortgage fraud will cost communities nationwide an estimated $653 million in 2005, with commercial mortgage fraud costing an estimated $812 million, an FBI agent said at a Colorado mortgage fraud summit Wednesday, the Pueblo Chieftain reported. FBI agent Dan Bradley of Colorado Springs, whose coverage area includes Southern Colorado, addressed more than 500 people Wednesday at a statewide seminar on mortgage fraud in Pueblo, according to the Pueblo Chieftain. Regulating the mortgage industry is a good first step toward curbing mortgage fraud but doesn't solve the problem, the agent said, according to the Chieftain. There are generally two types of fraud cases, Bradley said, with the first involving borrowers who intend to live in their houses. These types of fraud represen...