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Industry Loses $1 Bln to Fraud.
WASHINGTON -- The residential lending industry lost nearly $1 billion due to mortgage fraud last year, according to new figures compiled by the Federal Bureau of Investigation.
The FBI said fraud-related losses totaled $993 million in fiscal year 2006, compared to $1.01 billion the year before.
Meanwhile, late last week, FBI special agent William Stern disclosed that the agency in the past six months has established mortgage fraud task forces in Cleveland, Chicago and Indiana.
Speaking at the Mortgage Bankers Association's servicing conference in San Diego, he said the "hot spots" for loan fraud ...
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Source: HighBeam Research, Industry Loses $1 Bln to Fraud.