Mortgage Fraud Tips Up; Banks Scramble
VIENNA, Va. – Reports of likely mortgage fraud increased sharply during the first quarter as big banks took another look at loan documents questioned by mortgage insurers and investors, according to the Treasury Department bureau that tracks such reports.The Financial Crimes Enforcement Network said last week that it received 25,485 tips about possible mortgage fraud in the first three months of the year, up 31 percent from the 19,420 that it received in the same period a year ago.
FinCEN receives the tips, also called suspicious activity reports, because it enforces the law requiring banks to tell the government about questionable financial transactions. The agency helps track illegal money transfers, catch money launderers and shut down accounts linked to corrupt political leaders.
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Tags: Banks, Mortgage Fraud