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FBI Targets Loan Fraud.(United States. Federal Bureau of Investigation)(Brief Article)
Washington -- The U.S. government, which is fighting a rising tide of mortgage fraud cases, is pushing for regulations that would require loan brokers to report suspicious activity in the origination process.
At a press briefing at FBI headquarters last week, government officials said suspicious activity reports are only filed by federally insured or regulated financial institutions because loan brokers do not have to comply with the Bank Secrecy Act.
The agency said it is talking to trade groups about the problem of brokers not reporting.
Chris Swecker, assistant director for the FBI's criminal investigative division, said the agency is not necessarily looking for a legislative fix, but would like the brokerage community to pitch in.
FBI officials said some brokers are reluctant to pass on tips regarding possible mortgage fraud because legal counsel advises them not to.
But Mr. Swecker made it clear ...
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