Mortgage scams on rise, net millions for fraudsters in US: FBI
AFP, May, 2008
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WASHINGTON (AFP) — Fraudsters netted hundreds of millions of dollars through mortgage scams last year, and the trend was likely to continue as the US housing market slumps even further, the FBI said Tuesday.
"We received 46,717 suspicious activity reports related to mortgage fraud last year, compared to 35,617 in 2006 and just 6,936 in 2003," the Federal Bureau of Investigation report said.
"Only seven percent of these reports documented an exact dollar amount in terms of losses, but even so, the total loss from this seven percent was 813 million dollars," it said, calling the monetary loss "the tip of the iceberg."
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The crisis in the subprime mortgage market -- loans to high-risk borrowers with patchy credit histories -- played a key role in fueling the spike in the scams, the report said.
"The trouble actually began when home prices were rising a few years ago, leading ...
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