Industry NewsMortgage

Lenders keep finding more fraud

Many problem mortgages date back to boom
Published on Mar 4, 2009

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by CareyBot

Federally regulated banks filed 62,084 reports of suspected mortgage fraud through mid-summer 2008 -- a 44 percent increase from previous year and nearly 10 times the 6,401 reports filed just five years ago.

Because mortgage fraud can take months or years to detect, the trend doesn't necessarily reflect the prevalence of fraud in newly originated loans, the Financial Crimes Enforcement Network (FinCEN) said in releasing a report analyzing fraud trends through June, 2008.

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