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Mortgage Fraud Seen As a National Epidemic.
Mortgage fraud may become a "national epidemic," the Federal Bureau of Investigation told Congress last week.
Testifying before the Subcommittee on Housing and Community Opportunity, a senior FBI official said mortgage fraud cases have increased significantly this year compared to three years ago.
Chris Swecker, assistant director of the FBI's criminal division, blamed the problem on industry insiders.
"Based upon existing investigations and mortgage fraud reporting, 80% of all reported fraud losses involve collaboration or collusion by industry insiders," he said.
Mr. Swecker said the most common frauds involve falsely inflating property values as a way to remove home equity.
In testimony before the subcommittee, the Department of Housing and Urban Development's inspector general raised concerns regarding the Federal Housing Administration's susceptibility to mortgage fraud, in particular "property flipping" and "equity skimming" schemes.
First-time and uneducated FHA borrowers are the most vulnerable to mortgage fraud, the agency said.
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Source: HighBeam Research, Mortgage Fraud Seen As a National Epidemic.