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'Flips' Dominate Fraud Caseload.(Brief Article)
Washington -- Almost half of all mortgage fraud cases currently under investigation by the government involve land flips while just 6% involve "double-sold loans," a senior FBI official said last week.
Speaking at an industry conference, Chris Swecker, assistant director of the agency's criminal division, called mortgage fraud a "national trend" and a huge problem for the U.S., especially in light of the real estate and mortgage industry's roles in propping up the economy the past few years.
He said there is "tremendous downside" for the U.S. economy if mortgage fraud continues unchecked. But Mr. Swecker had bad news for attendees of the meeting which was sponsored by the Mortgage Bankers Association: the criminal division which investigates these cases has 2,000 fewer agents than it did four years ago.
Because of ...
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Source: HighBeam Research, 'Flips' Dominate Fraud Caseload.(Brief Article)