Mortgage fraud is soaring

Many housing numbers may be trending down but at least one is up sharply: mortgage fraud.

Reports of possible mortgage fraud are up 35% in the first quarter of this year over last year, and 1,411% over 8 years ago, according to a recent report (PDF file) from the US Treasury’s Financial Crimes Enforcement Network. Illinois is one of the top 5 states for suspicious activity.

The report also notes the sharp rise in the percentage of loans originated by mortgage brokers. Purely coincidental?

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