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FBI Report Show Mortgage Fraud on the Rise

By Allan Lengel
ticklethewire.com

An FBI report shows that mortgage fraud appears to be on the rise.

The FBI said it had 3,129 pending mortgage fraud investigations in 2010, up 12 percent from 2009 and up 90 percent from 2008 when the economy tanked and the real estate market was already in dire straights.

The FBI said 71 percent of the pending mortgage fraud investigations in 2010 involved losses of more than $1 million.

“Mortgage fraud continued at elevated levels in 2010, consistent with levels seen in 2009, the report said. “Mortgage fraud schemes are particularly resilient, and they readily adapt to economic changes and modifications in lending practices.”

The report said the top states for known or suspected mortgage fraud included California, Florida, New York, Illinois, Nevada, Arizona, Michigan, Texas, Georgia, Maryland and New Jersey.

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