Friday, November 03, 2006

Treasury: Mortgage Loan Fraud Continues to Rise

by Bill McBride on 11/03/2006 06:47:00 PM

From the U.S. Department of Treasury's Financial Crimes Enforcement Network (FinCEN): Assessment Reveals Suspected Mortgage Loan Fraud Continues to Rise

Click on graph for larger image.

An assessment released today by the Financial Crimes Enforcement Network (FinCEN) reveals that suspected mortgage loan fraud in the United States continues to rise, and has risen 35 percent in the past year. FinCEN conducted the assessment, which was based on an analysis of Suspicious Activity Reports (SARs) regarding suspected mortgage loan fraud, to identify trends and patterns that may be useful to law enforcement, regulatory authorities, and financial institutions offering mortgage loan products.

FinCEN began its assessment after noticing a significant increase in the filing of SARs concerning mortgage loan fraud.
Here is the FinCEN report.