FBI Cites Spike in Mortgage Fraud

Foreclosures Increased More Than 75% In F.Y. 2007.

(CBS)  This story was written by CBS News producer Rob Hendin for cbsnews.com.

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FBI officials tell CBS News that there are currently more than 1,300 active investigations into mortgage fraud. That number has also been on the rise in recent years as the crisis has grown, with open investigations increasing 47% from 2006, according to a new FBI report on mortgage fraud.

Of those active investigations, more than 50% involved losses of more than $1 million. The FBI has put hundreds of agents onto multiple nationwide task forces aimed at finding and prosecuting mortgage fraud and is currently looking at 19 large corporate entities involved in possible wrongdoing over subprime loans.

According to the report, foreclosures increased more than 75% in 2007 over the previous year while the subprime share of outstanding loans more than doubled since 2003.

There were more than 2.2 million foreclosures on over 1.2 million properties nationally in 2007. And the percentage of outstanding loans that are classified as subprime grew from 5% in 2003 to over 13% last year.

For the federal government, the only real way to measure mortgage fraud is the number of suspicious activity reports (SARs) filed by homeowners and authorities to the FBI. Last year there were more than 46,700 reports, up 31% over the previous year. FBI officials tell CBS News that the bureau is on pace to pass 65,000 SARs for 2008, which would be a new record. As a reference point, there were only 6,900 such reports in all of 2003.

The report also identifies the top 10 mortgage fraud states for 2007 as Florida, Georgia, Michigan, California, Illinois, Ohio, Texas, New York, Colorado and Minnesota.

[Baysdale]

These details show why fraud crimes will continue to get worse until banks exploit KEY and PIN system.



Massive increase in fraud crimes should make the government and banks realise that their data protection and Chip and PIN systems are diverting rather than deterring fraud crimes simply because these systems are not making signature and PIN system reliable.



This shows that fraud will continue to grow until they exploit KEY and PIN system described on website www.xwave.co.uk which will deter BOTH identity and card fraud by making signature and PIN systems reliable and foolproof.



Fake documents have made our signature system unreliable while skimmers and pin-hole cameras etc. have made PIN system unreliable. We have option to make signatures reliable by personalising them with ID stickers and option to use Card Key Code to make PIN system reliable to make use of stolen and skimmed cards meaningless. By ignoring to exploit this system banks are only letting fraud crimes grow.



ID KEY system will eliminate the need for us to protect our personal and card details since fraudsters will be deterred from misusing these stolen details.



Proposed ID KEY can be treated as a reliable international ID card because it will personalise signature and PIN number to only the right individuals in any country.



We hope that the government and banks will appreciate these details and exploit KEY and PIN system before it is too late to stop a fraud boom.

[darnedsocks]

WELL, YOU KNOW, IT MIGHT HELP IF MORTGAGE LOAN OFFICERS, ETC. DIDN''T GIVE LOANS TO THEIR ILLEGAL IMMIGRANT COUSINS WHO ARE REALLY NOT QUALIFIED TO TAKE OUT A LOAD FOR $595,000 WHEN THE PERSON ON THE LOAN IS ONLY MAKING $40 OR $50K A /YEAR....THEN WHEN THEIR "BOYFRIEND" OR "AMIGO" WHO HAS BEEN BUYING THE GROCERY AND PAYING THE UTILITY BILLES LEAVES THEM, THEY CAN NO LONGER PAY THE MORTGAGE AND THEY GO BACK TO MEXICO, THEY DEFAULT ON THE LOAN, AND LEAVE AMERICAN CITIZENS "HOLDING THE BAG"!

[forthepeopl1]

please this is a simple thing to fix, why are you bending over for all of the wallstreet scum.
you have the right to do what this paulson/ben did for wallstreet,saying they had to to save america. so you can say the same thing, but this time you would be saveing america, and not wallstreet.
you must come out and stop the forcloseing of all these millions of homes, now,
ALL YOU HAVE TO DO IS MANDATE THAT ALL MORTGAGES THAT HAVE BEEN TAKEN OUT FROM 2000 TO 2007 BY ALL AMERICANS TO BE RE-FI A.S.A.P. NO EXCEPTIONS,


NO MATTER WHAT THE CREDIT IS, THEY WILL RE-FI EVERYONE AT JUST OVER PRIME, AND AT A RATE OF 40% OF WHAT IS OWED ON THE PROPERTY( PERSONAL HOMES ONLY)!!
WHY, BECAUSE MOST HOST ARE SELLING AT FORCLOSER FOR 20 TO 30 CENTS ON THE DOLLAR, SO AS TO WHAT PAULSON SAID TO BEARSTEARN 2 DOLLARS IS BETTER THAN NO DOLLARS SO TAKE THE DEAL..NOW REMEMBER ALL OF YOU, IF THIS COMPANY IN 6 MONTHS LOST 98% OF THEIR VALUE FROM 700 BILLION TO WHAT IS IT NOW. AND FOR SOMEONE TO COME IN AND BUY IT FOR NOTHING, WHAT IS THE REAL VALUE OF ALL THESE HOMES???NOBODY KNOWS, SO WHY NOT JUST START OVER??? AND STOP THE BLEEDING FOR ALL AMERICANS.

[e-mail]
DAVID A BELANGER
FOR COMMON SENSE THIS IS SO EASY TO FIX DONT MAKE IT HARDER THAN IT IS PEOPLE.

AND LOOK AT THIS MORNINGS NEWS, THE GREAT POTATOHEAD PAULSON,AND BEN ARE IN TALKS WITH ANOTHER WALLSTREET FIRM GOING DOWN. MERRILL LYNCH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
!

WHAT MORE BAILOUTS FOR WALLSTREET COMING

[CraigBerkeley]

Reno, Nevada?s Countrywide Home Loans manager Sue Barry should also be charged with Mortgage Fraud, along with Prudential Nevada Realty former Regional Manager Valerie Mapes, former Prudential Nevada Realty Realtor Keith W. Gledhill, Mortgage Fraudster Reno landlords John and Kay Sickler, Mortgage Fraudster Reno escrow officer Jenna Kay Clark and her company Reno?s First American Title, Reno Realtor Allan Zane and his Broker Magi Bird, and Reno?s First American Title.
http://reno.broowaha.com/article.php?id=3415
http://reno.broowaha.com/article.php?id=3300
http://reno.broowaha.com/article.php?id=3320
http://reno.broowaha.com/article.php?id=3351
http://reno.broowaha.com/article.php?id=3372
http://reno.broowaha.com/article.php?id=3377
http://reno.broowaha.com/article.php?id=3397
http://reno.broowaha.com/article.php?id=3404
http://reno.broowaha.com/article.php?id=3421
http://reno.broowaha.com/article.php?id=3430
http://reno.broowaha.com/article.php?id=3448

For copies of the supporting documents that have been uploaded, see http://renomortgagefraudexposes.ning.com/

[CraigBerkeley]

Reno, Nevada?s Countrywide Home Loans manager Sue Barry should also be charged with Mortgage Fraud, along with Prudential Nevada Realty former Regional Manager Valerie Mapes, former Prudential Nevada Realty Realtor Keith W. Gledhill, Mortgage Fraudster Reno landlords John and Kay Sickler, Mortgage Fraudster Reno escrow officer Jenna Kay Clark and her company Reno?s First American Title, Reno Realtor Allan Zane and his Broker Magi Bird, and Reno?s First American Title.
http://reno.broowaha.com/article.php?id=3415
http://reno.broowaha.com/article.php?id=3300
http://reno.broowaha.com/article.php?id=3320
http://reno.broowaha.com/article.php?id=3351
http://reno.broowaha.com/article.php?id=3372
http://reno.broowaha.com/article.php?id=3377
http://reno.broowaha.com/article.php?id=3397
http://reno.broowaha.com/article.php?id=3404
http://reno.broowaha.com/article.php?id=3421
http://reno.broowaha.com/article.php?id=3430
http://reno.broowaha.com/article.php?id=3448

For copies of the supporting documents that have been uploaded, see http://renomortgagefraudexposes.ning.com/