Real Estate Investing - Fraud seen as a driver in wave of foreclosures

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Fraud seen as a driver in wave of foreclosures

Dorsey

2007-12-21, 1:25 pm

"Fraud goes a long way toward explaining why mortgage defaults and
foreclosures are rocking financial institutions, Wall Street and the
economy. The FBI says the share of its white-collar agents and analysts
devoted to prosecuting mortgage fraud has risen to 28%, up from 7% in
2003. Suspicious Activity Reports, which many lenders are required to
file with the Treasury Department's Financial Crimes Enforcement
Network when they suspect fraud, shot up nearly 700% between 2000 and
2006..."

Wall Street Journal: http://xrl.us/Foreclosures

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