I posted last week about concerns that arson claims will increase as borrowers fall behind on their mortgages. Looks like that they aren't the only scammers out there....
The FBI has announced that mortgage fraud investigations tripled during the last fiscal year compared to 2003. Conviction rates may not be holding pace (they doubled in 2007). Fear not, Financial crimes section cheif Sharon Ormsby predicts that the number will likely rise this year.
The prime growth areas in this field? what else but sub-prime/distressed borrower situations and reverse mortgages held by senior citizens.
Source: Donna Leinwand, USA Today (01/14/08)