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Mortgage Fraud Reports Reach Record.
Washington -- In the first fiscal quarter of this year financial institutions filed a record 15,000 suspicious activity reports with the Federal Bureau of Investigation, passing on allegations of mortgage fraud and other criminal behavior.
If the pace keeps up, more than 60,000 SARs will be filed this year, outstripping 2007 when 46,717 reports hit the system.
In a media briefing here last month, FBI officials said the agency has 14 major "corporate fraud" investigations underway involving mortgage or related companies.
The focus, officials said, was on subprime firms, their accounting, lending practices and insider trading.
The agency did not specify any cases but it's well known that the collapse of subprime giant New Century Financial Corp. of Irvine, Calif., is the subject of a major probe. Investigators are reviewing allegations of accounting fraud and insider trading at the now-defunct New ...
- New Century Financial Corporation Takes Steps to Fight Mortgage Fraud.
- Press release article from: PR Newswire November 18, 2005 700+ words
...PRNewswire-FirstCall/ -- New Century Financial Corporation , a real...aggressive new measure to stamp out mortgage fraud. The company has selected BasePoint...production. The agreement will allow New Century to significantly improve its pre...
- New Century implements fraud detection software.(New Century Financial Corp.)
- Newspaper article from: Asset Securitization Report Pyburn, Allison November 28, 2005 700+ words
...concern regarding mortgage fraud, New Century Financial Corp...Terry Theologides, New Century's executive vice...improve the quality of New Century loans. The move...possibility that mortgage fraud, particularly within...
- New Century Benefiting From New Fraud Tool.(New Century Mortgage Corp benefits...
- Magazine article from: Origination News Kersnar, Scott April 1, 2006 700+ words
IRVINE, CA -- New Century Mortgage here reports...origination system, said New Century EVP Terry Theologides...itself." Whereas most mortgage fraud-detection systems...actual financial loss. New Century is the first big mortgage...
- Local firm fights rising tide of mortgage fraud: software allows lenders to...
- Magazine article from: San Diego Business Journal Allen, Mike March 27, 2006 700+ words
...found that losses stemming from mortgage fraud is costing lenders between 7 to...dozen customers to FraudMark is New Century Financial Corp., an Irvine...usually involves a single person--mortgage fraud often is a crime done by several...
- Experts Available to Discuss Increase in Mortgage Fraud.
- Press release article from: Business Wire January 31, 2007 700+ words
...statistics showing an increase in mortgage fraud over the past year, according...article by The New York Times. Mortgage fraud pending case investigations...found that in 54 percent of the mortgage fraud cases, victims such as lenders...
- Mortgage Fraud Reports Reach Record.
- News wire article from: Mortgage Line March 20, 2008 700+ words
...allegations of mortgage fraud and other criminal...subprime giant New Century Financial Corp...now-defunct New Century, once the nation...newspaper that some New Century account executives...currently has 34 mortgage fraud task forces set...
- 13 charged in $100 million mortgage fraud in NYC
- News wire article from: AP Online July 8, 2009 700+ words
...left empty-handed. Cheated banks and lenders included New Century Mortgage Corp., which lost $32.2 million; Countrywide...pay statements and bank documents to perpetrate the largest mortgage fraud ever in the New York City area. At a news conference, Morgenthau...
- BasePoint Analytics Launches FraudMark(TM), Next Generation Predictive...
- Press release article from: Business Wire October 5, 2005 700+ words
...permitted fraudsters to use this information as they commit mortgage fraud. The results are mortgage loan applications that match up...Solutions at BasePoint Analytics and previous Vice President of New Century Mortgage Corp. "BasePoint provides the operational, organizational...
Source: HighBeam Research, Mortgage Fraud Reports Reach Record.