Articles Tagged with ''Crimes''

Mortgage Fraud Reports Jump 23% in 2008

Suspicious Activity Reports (SARs) including fraud accounts filed by depository institutions in 2008 increased by 13% from 2007, according to the SAR activity review released by the Financial Crimes Enforcement Network (FinCEN). All seven categories of fraud including mortgage loans rose by double digits. Last year, 64,816 accounts of mortgage loan fraud were filed, rising 23% from 2007. The reports have increased every year since 2003. The fraud categories make up just one-third of all possible violation types, but in 2008, accounted for half of the total SAR filings.
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Obama to Enact Mortgage Fraud Bill

President Barack Obama is poised to sign a $490m piece of mortgage fraud legislation into law. The House voted 338-52 late last night in favor of approving the legislation after it passed a Senate vote in April, according to a Market Watch bulletin.
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Mortgage Fraud Surges: Report

Mortgage fraud reached a new high in 2008, according to the FraudBlogger index published by MortgageDaily.com, during which time more than $5 billion in mortgage fraud cases were tracked.
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For 2008 Vintage, Fraud Abounds in Florida, California

As the housing downturn in the United States continues to run its course, reported incidents of mortgage fraud are on the rise as well. But it's not what you think; while fraud on 2007 and earlier vintages is just now coming to light, a new report suggested Monday that newly-reported incidents of mortgage fraud increased by 42 percent in the first quarter of this year.
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BasePoint Releases Fraud Recognition Platform

BasePoint Analytics, a leading provider of scientific fraud analytics and consulting services, announced Wednesday that it launched FraudMark for Investment Banking, statistical pattern recognition software designed to assess mortgage fraud risk. BasePoint said FraudMark uses sophisticated analytic scoring technology to identify suspicious mortgage loans, enabling investment banks and due diligence firms to score and identify each loan's fraud risk before it is purchased, during the bid tape selection or due diligence review process.
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