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2008 Real Estate and Mortgage Fraud Losses Expected to Reach $2.5 Billion
Falling home prices and inappropriate mortgage underwriting have grabbed the headlines and much of the blame for mortgage credit woes in recent months. But the significant rise in mortgage fraud over the past 10 years is another important trend. New research from TowerGroup predicts that losses from real estate and mortgage fraud will reach $2.5 billion in 2008 and that comparable losses will continue for several years thereafter. The new research, titled “US Mortgage Fraud: Types, Trends, and Detection Tools,” examines the different types of fraud, characterizes the tools available to combat fraud schemes, and assesses likely future directions of mortgage fraud prevention services and products.
Related: FBI spokesperson, Stephen Kodak, tells New York Times News Service that 2008 is turning out to be a record-breaking year for real estate and mortgage fraud. Kodak says the FBI received nearly 30,000 suspicious activity reports so far for FY08. The 2007 fiscal year, Kodak reports, ended with 46,000 reports and 260 FBI-involved convictions.
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