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For example, current market conditions have helped reveal numerous mortgage fraud, Ponzi schemes, and investment frauds, such as the Bernard Madoff alleged scam.

These schemes highlight the need for law enforcement and regulatory agencies to be ever vigilant of white collar crime both in boom and bust years. The FBI has experienced and continues to experience bad credit loans guaranteed approval direct lenders an exponential rise in mortgage fraud investigations. The number of open FBI mortgage fraud investigations has risen from 881 in FY 2006 to more than 1,600 in FY 2008.

In addition, the FBI has more than 530 open corporate fraud investigations, including 38 corporate fraud and financial institution matters directly related to the current financial crisis. These corporate and financial institution failure investigations involve financial statement manipulation, accounting fraud and insider trading. Although there loan to pay off payday loans are many mortgage fraud schemes, the FBI is focusing its efforts on those perpetrated by industry insiders who are part of organized enterprises engaged in mortgage Fraud for Profit. Industry insiders are of priority concern as they are, in many instances, the facilitators that permit the fraud to occur. The FBI utilizes SAR data to help identify fraud schemes perpetrated by insiders. However, SAR data does not capture suspicious activity identified by the entire mortgage industry. Requiring the entire industry to report suspicious activity would give us a more complete data set to exploit.

The FBI is engaged with the mortgage industry in identifying fraud trends and educating the public.

Some of the current rising mortgage fraud trends include: equity skimming, property flipping, mortgage identity-related theft, and foreclosure rescue scams. Equity skimming is a tried and true method of committing mortgage fraud and criminals continue to devise new schemes. Property flipping is nothing new however, once again law enforcement is faced with an educated criminal element that bad credit loans guaranteed approval direct lenders is using identity theft, straw borrowers and shell companies, along with industry insiders to conceal their methods and override lender controls.

Identity theft in its many forms is a growing problem and is manifested in many ways, including bad credit loans guaranteed approval direct lenders mortgage documents. The mortgage industry has indicated that personal, corporate, and professional identity theft in the mortgage industry weekend payday loans direct lenders is on the rise. Computer technology advances and the use of online sources have also assisted the criminal in committing mortgage fraud. However, the FBI is working with its law enforcement and industry partners to identify trends and develop techniques to thwart illegal activities in this arena. As foreclosures continue to rise across the country, so too have the number of foreclosure rescue scams that target unsuspecting victims. These scams include victims losing their home equity or paying thousands of dollars in fees, and then receiving little or no services, and ultimately losing their home to foreclosure. The FBI has implemented new and innovative methods to detect and combat mortgage fraud.

One of these proactive approaches was the development of a property flipping analytical computer application, first developed by bad credit loans guaranteed approval direct personal loans columbia sc lenders the Washington Field Office, to effectively identify property flipping in the Baltimore and Washington areas. The original concept has evolved into a national FBI initiative which employs statistical correlations and other advanced computer technology to search for companies and persons with patterns of property flipping. As potential targets are analyzed and flagged, the information is provided to the respective FBI field office for further investigation.

Property flipping is best described as purchasing properties and artificially inflating their value through false appraisals. Often, flipped properties go into foreclosure and are ultimately repurchased for a fraction of their original value. Other methods employed by the FBI include sophisticated investigative techniques, such as undercover operations and wiretaps. These investigative measures not only result in the collection of valuable evidence, they also provide an opportunity to apprehend criminals in the commission of their crimes, thus reducing loss to individuals and financial institutions.

By pursuing these proactive methods in conjunction with historical investigations, the FBI is able to realize operational efficiencies in large scale investigations. In December 2008, the FBI dedicated resources to create the National Mortgage Fraud Team at FBI Headquarters in Washington, D. The team has the specific responsibility for all management of the mortgage fraud program at both the origination and corporate level. This team will be assisting the field offices in addressing the mortgage fraud problem at all levels. The current financial crisis, however, has required the FBI to move resources from other white collar crime and criminal programs in order to appropriately address the crime problem. Since January 2007, the FBI has increased its agent and analyst manpower working mortgage fraud investigations. The team provides tools to identify the most egregious mortgage fraud perpetrators, prioritize pending investigations, and provide information to installment loan for bad credit evaluate where additional manpower is needed. One of the best tools the FBI has in its arsenal for combating mortgage fraud is its long-standing partnerships with other federal, state, and local law enforcement.

In response to a growing gang problem, for example, the FBI stood up Safe Streets Task Forces across the country. In response to crimes in Indian Country, the FBI developed the Safe Trails Task Force Program. In response to this new threat, the FBI stood up Mortgage Fraud Task Forces across the country. Presently, there are 16 mortgage fraud task forces and 39 working groups in the country. With representatives of federal, state, and local law enforcement, these task forces are strategically placed in areas identified as high threat areas for mortgage fraud. Partners are varied but typically include representatives of HUD-OIG, the U.

Postal Inspection Service, the Internal Revenue Service, FinCEN, the Federal Deposit bad credit payday loans no credit check Insurance Corporation, as well as state and local law enforcement officers across the country.

While the FBI has increased the number of agents around the country who unsecured personal loan rates investigate mortgage fraud cases from 120 special agents in FY 2007 to 180 special agents in FY 2008, this multi-agency model serves as a force-multiplier, providing an array of resources to adequately identify the source of the fraud, as well as finding the most effective way to prosecute each case, particularly in active markets where fraud is widespread.

We are pleased to report that the model is working. That operation focused primarily on three types of mortgage fraud: lending fraud, foreclosure rescue schemes, and mortgage-related bankruptcy schemes. In addition to the effort placed in standing-up money direct mortgage fraud task forces, once a month the FBI is one of the DOJ participants in the national Mortgage Fraud Working Group (MFWG), which DOJ chairs. The MFWG represents the collaborative effort of multiple federal agencies and facilitates the information sharing process across the aforementioned agencies, as well as private organizations. Together, we are building on existing FBI intelligence databases to identify large industry payday loan right now insiders and criminal enterprises conducting systemic mortgage fraud. Postal Inspection Service, the Commodity Futures Trading Commission, and the Financial Crimes Enforcement Network. The purpose of the Corporate Fraud Task Force is to maximize intelligence sharing between membership agencies and to ensure the violations related to corporate fraud are appropriately addressed. In addition, since April 2007, FBI Headquarters personnel have met with representatives from the Securities and Exchange Commission once a month to coordinate the respective Corporate Fraud inventories focused on the current financial crisis and to share intelligence. In addition to its partners in law enforcement and regulatory areas, the FBI also continues to foster relationships with representatives of the mortgage industry to promote mortgage fraud awareness. The FBI has spoken at and participated in various mortgage industry conferences and seminars, including those sponsored by the Mortgage Bankers Association (MBA). To raise awareness of this issue and provide easy accessibility to investigative personnel, the FBI has provided contact information for all FBI Mortgage Fraud Supervisors to relevant groups including the MBA, Mortgage Asset Research Institute, Fannie Mae, Freddie Mac, and others.

Additionally, the FBI is collaborating with industry to develop a more efficient mortgage fraud reporting mechanism for those not mandated to report such activity. This Suspicious Mortgage Activity Report (SMARt Form) concept is under consideration by bad credit loans guaranteed approval direct lenders the MBA. This will also better enable the FBI to provide reliable mortgage fraud information based on a more representative population in the mortgage industry. Lenders are painfully aware that fraud is affecting their bottom line. Through routine interaction with FBI personnel, industry representatives are aware of our commitment to address this crime problem. The FBI frequently participates in industry sponsored fraud deterrence seminars, conferences, and meetings which include topics such as quality control and industry best practices to detect, deter, and prevent mortgage fraud.


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These meetings play a significant role in training and educating industry professionals. Companies share current and common fraud trends, loan underwriting weaknesses, and best practices for fraud avoidance. These meetings also increase the interaction between industry and FBI personnel. Additionally, the FBI continues to train its personnel and conduct joint training with HUD-OIG and industry on mortgage fraud. As a training model, the FBI seeks industry experts to assist in its internal training programs. For example, industry has assisted training FBI personnel on mortgage industry practices, documentation, laws, and regulations. Industry partners have offered to assist the FBI in developing advanced mortgage fraud investigative training material and fraud detection tools. Chairman, the FBI remains committed to its responsibility to aggressively investigate significant financial crimes which include mortgage fraud. We will continue to work with the Office of Management and Budget and the Congress to ensure that adequate resources are available to address these threats. To maximize our current resources, we are relying on intelligence collection and analysis to identify emerging trends to target the greatest threats. We also will continue to rely heavily on the strong relationships we have with both our law enforcement and regulatory agency partners. Thank you for allowing me the opportunity to testify before you today. The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet.

You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.

Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages.

I received a notice from the sheriff dept that my house was going to be put up for sale with in 30 days. Ive never been served or received any mail from bank of America. I spoke to a lawyer early on you told me that they would not talk to me about a modification until I was served and in the foreclousure process to sit back and save as much money as I could and once I was served to come back. I never received anything I did find out that my mortage was sold last September and I never received anything from them either. Surely you were served with a foreclosure complaint by a process server at some point. If not - than you probably have a huge case on your hands for wrongful process, and illegal foreclosure.