Mortgage fraud remains a major problem in many U.S. cities, but the fight against it is growing.
Last Thursday, representatives of the Financial Fraud Enforcement Task Force met in Phoenix for the second of a series of Mortgage Fraud Summits, marking an important step in the task force’s aggressive, comprehensive, and collaborative effort to combat mortgage fraud and protect American homeowners.
Task force members met with Phoenix area community leaders, legal services providers; banking, mortgage, and real estate industry representatives; and law enforcement officials to discuss mortgage fraud from a national, state, and local perspective.
According to Attorney General Eric Holder, who attended the summit, the FBI is currently investigating more than 2,800 mortgage fraud cases, up almost 400 percent from five years ago. He said mortgage fraud crimes have reached crisis proportions, and the information gained at the summit will be used to focus and strengthen law enforcement activities.
“Mortgage fraud schemes must be stopped in their tracks,” Holder said. “And those willing to exploit our national financial crisis for personal gain will be brought to justice.”
At the summit, Holder announced that new investments included in the FY 2010 budget will soon be distributed to combat mortgage fraud. He said nearly $8 million will be allocated this spring for mortgage fraud enforcement, including $1.7 million in Arizona.
The funding to Arizona is necessary, as the Phoenix metropolitan area is ranked fourth in the nation for the number of suspicious activity reports filed by depository institutions concerning suspected mortgage fraud, according to a recent study from the Department of Treasury’s Financial Crimes Enforcement Network. In addition, HUD said Arizona is ranked No. 1 for homes that were funded by Federal Housing Administration loans and have been foreclosed upon.
“We welcome the opportunity to combine forces with federal agencies to attack the serious problem of mortgage fraud in Arizona,” said Arizona Attorney General Terry Goddard. “Arizona is ground zero in the foreclosure crisis, which plays a large role in our state’s economic downturn. This crisis has been exacerbated by the deceptive practices of lenders in originating and servicing loans and fraudulent mortgage rescue scams that prey on borrowers desperate to hang on to the American dream of owning a home. “
Mortgage fraud is a key focus of the Financial Fraud Enforcement Task Force, which was established by President Obama in November 2009. The task force is working to improve efforts across the federal executive branch, and with state and local partners, to investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, combat discrimination in the lending and financial markets, and recover proceeds for victims of financial crimes.
“We’re tackling the challenges and consequences of mortgage fraud in bold, innovative, and coordinated ways,” Holder said. “We have one message to those who would engage in mortgage fraud schemes: You will be found, you will be prosecuted, and you will be punished.”
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