151 Mortgage Fraud Cases Opened in Last Year Federal prosecutors and investigators have opened 151 criminal mortgage fraud cases since October 2007, according to an examination of records by the Transactional Records Access Clearinghouse at Syracuse University. The group looked at data from the Justice Department.
Because this is the first time that the Justice Department has distinguished mortgage from other kinds of fraud investigations, it is difficult to tell whether this is a significant increase.
The FBI is handling about half of the cases. Most of the rest of the cases are under investigation by the Federal Deposit Insurance Corp.
Investigations are limited to 10 of the 89 judicial districts in California, Florida, Georgia, Mississippi, New York, Ohio, Pennsylvania and Vermont. Prosecutors’ offices in South Florida are handling 69 of the cases. Pittsburgh is second with 24 prosecutions.
Source: The Wall Street Journal, Lynnley Browning (10/15/2008)
This article is from Realtor Magazine Daily Real Estate News 10/17/08
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