The obstacles to the fight against fraud loan
Editor’s note: In this five-part series, Inman News, the rising flood of mortgage fraud in the USA, provide an overview of the problem, describes how it works, explains the obstacles to combating and describe technologies, and fight legislation, the goal of victory. To read all five sub-report, “Inside real estate fraud crisis” with two bonus stories, you can subscribe to Inman News.
A real estate agent from a small rural town in Indiana was in front of the microphone congress Conference Room, expressed his palms together in front of him as if in prayer. “I am already on the DA, I have the FBI and told me they could not get help. What can I do? “Demanda he says.
He was a participant in a mortgage fraud presentation in San Francisco on the National Association of real estate agencies of the Convention in October 2005.
“Because we are small potatoes, I can not the FBI. But the (mortgage fraud), with a great impact on our community,” said the man. “If we say that the FBI, they are only concerned about Indianapolis.
It was right in front of James “Chip” Burrus, deputy assistant director of criminal investigations on the FBI and spokesman during the presentation. Burrus not backward.
“When there is only one buyer of a $ 200000 house, we can not interfere. The threshold of $ 500000,” said Burrus. The director said the FBI currently has 100 agents dealing with financial fraud .
Residential real estate loan fraud is a national epidemic, the federal common costs about $ 1 billion in 2005, compared to $ 429 million in 2004, according to the Federal Bureau of Investigation. In this five-part series, Inman News, the rising flood of mortgage fraud in the USA, this part focuses on obstacles to fight.
The fact that the FBI has only $ 100 with a staff of 1 billion crime speaks volumes about the obstacles to the fight against the problem.
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