FBI Mortgage Fraud Investigations Jump 400% in Five Years

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2010 Mortgage Fraud Report Year in Review August 2011 May 2009 D i rec torate of I n tel l igence C r i m i n a l I n t e l l i g e n c e S e c t i o n Prepared by Financial Crimes Intelligence.

The number of open FBI mortgage fraud investigations has increased more than five-fold in the past three years, from 102 probes in 2001 to 533 as of June 30 this year, the FBI said.

Operation Malicious Mortgage Yields 400 Arrests. One law enforcement official put the losses to homeowners and other borrowers who were victims in the schemes at over $1 billion. Over the last several months, the FBI has been investigating an estimated 1,300 mortgage fraud cases — including 19 involving subprime lending practices by U.S. financial institutions.

"Operation Malicious Mortgage," the investigation by the FBI and Justice Department, began March 1, government officials said. It resulted in 144 fraud cases in which 406 defendants were charged.

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are under FBI investigation for Fraud? These things have a tendency to disappear, so I am capturing a PDF and the text (after the jump) in case it somehow vanishes. I’ve shared some tidbits with you.

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The mortgage industry itself does not provide estimates on total industry fraud. The industry provides incomplete or inconsistent fraud data. Based on various industry reports and FBI analysis, mortgage fraud is pervasive and growing. The FBI investigates mortgage fraud in two distinct areas: Fraud for Housing and Fraud for Profit.

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The prosecution spent about 40 minutes Thursday afternoon questioning a bank employee about Manafort’s unsuccessful effort to get a $5. fraud charges Prosecutors turned Thursday morning back to the.

The FBI’s financial institution/mortgage fraud investigations pursue those who endanger the stability of our banking system and the safety of assets and personal information the public has.

In written testimony before Congress today, FBI Director Robert Mueller admitted that the growing numbers of mortgage fraud investigations “are straining. SARs jumped more than 36 percent in fiscal.