According to a recent story in the weekend edition of National Mortgage News' Daily Briefing, the FBI has come to the conclusion that mortgage fraud is increasingly dominated by organized crime.
As of early this month, G-Man Bill Stern reported, the number of suspicious activity reports concerning mortgage fraud is up 62%, from 21,994 to 35,617. That, he said, "is a stark increase" compared to those alleging commercial loan fraud and false statements.
"We are now are prosecuting new cases at the rate of one a day," he told the conference."
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