Mortgage Fraud Reports Dropped 25 Percent in 2012

August 21, 2013
American Banker  
mortgage lending news

Reports of suspected fraud, up every year from 2001 to 2011, fell back for the first time last year. The Financial Crimes Enforcement Network (Fincen) fielded just under 70,000 reports of suspected fraud in 2012, a 25 percent drop from the previous year.

The greatest activity was found in California, Florida, and New York; and suspected frauds having to do with loans originated in the years ahead of the financial crisis were the biggest culprits. More than 137,000 suspected fraudulent home loans were originated each year in 2006 and 2007, according to Fincen, but the tally contracted sharply to just below 10,000 as of last year.

Web Link - May Require Paid Subscription







Abstract News © Copyright 2008-2013 INFORMATION, INC.
Powered by Information, Inc.

Stay Updated

Join the fight against predatory lending. Enter your e-mail to sign up for breaking news, action alerts, and CRL's original research.

   Please leave this field empty
  

Help Us End Predatory Lending

Predatory lending destroys family wealth, and preys on our most vulnerable communities. You can help us end abusive lending practices by donating to CRL, or by sharing our work with others.



`