Cross-Cultural Understanding

www.ccun.org

News, May 2008

 

Al-Jazeerah History

Archives 

Mission & Name  

Conflict Terminology  

Editorials

Gaza Holocaust  

Gulf War  

Isdood 

Islam  

News  

News Photos  

Opinion Editorials

US Foreign Policy (Dr. El-Najjar's Articles)  

www.aljazeerah.info

 

 

 

Editorial Note: The following news reports are summaries from original sources. They may also include corrections of Arabic names and political terminology. Comments are in parentheses.

 

FBI: U.S. housing market ripe for mortgage fraud

www.chinaview.cn 2008-05-14 13:54:27  

    BEIJING, May 14 (Xinhuanet) --

The failing U.S. housing market is ripe for mortgage fraud, the FBI warned in a report Tuesday.

    Common types of mortgage fraud are misrepresentation of income or assets, forged documents, misrepresentation of a borrowers’intent to occupy a property and inflated appraisals.

    The agency said reports of suspected mortgage fraud rose 31 percent to 46,717 in fiscal 2007, which ended Sept. 30, 2007. That was up from 35,617 in the previous fiscal year. In the first half of fiscal 2008, there were more than 33,000 such reports, quickening the pace of mortgage fraud for this fiscal year, an FBI spokesman said.

    Last month, the Treasury Department, which uses the calendar year to tally reports, put the mortgage-fraud damage for 2007 at nearly 53,000, a 42 percent jump.

    The FBI said mortgage fraud losses in fiscal 2007 totaled more than 813 million U.S. dollars, though only 7 percent of "suspicious activity" reports detailed the loss in dollars.

    That number "is just the tip of the iceberg, reflecting only a small percentage of financial damage suffered by victims of mortgage fraud," Kenneth Kaiser, the FBI's assistant director in charge of the bureau's criminal investigations division, said in a statement.

    The depressed housing market provides an "ideal climate" for perpetrators of fraud, the FBI report said, adding that identify theft, particularly targeting borrowers with good credit, is likely to increase. It also warned of other scams, promoted as foreclosure rescues.

    The FBI is investigating more than 1,300 mortgage-fraud cases and conducting 19 corporate investigations linked to the subprime lending crisis. Federal authorities have formed a task force, headed by prosecutors in New York, to determine if lenders or Wall Street firms participated in fraud.

    (Agencies)

Editor: Gareth Dodd



Fair Use Notice

This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.

 

 

 

 

Opinions expressed in various sections are the sole responsibility of their authors and they may not represent ccun.org.

editor@ccun.org