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From Zero to Thousands in 2 Years
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March 23, 2009
Mortgage fraud claims have gone from zero to over 4,000 in a matter of just two years, according to the Federal Deposit Insurance Corporation's chairman. Mortgage fraud-related lawsuits are on the rise as well.
The FDIC is estimating nearly a thousand mortgage fraud-related lawsuits will be filed over the next three years. The lawsuits went from zero to 113 beginning early 2007; the FDIC is preparing to deal with another 900 they've projected from current investigations.
Most of the defendants in the mortgage fraud lawsuits are mortgage brokers, appraisers or other entities involved in the closing process of a fraudulent loan funded by one of the 5,000 FDIC-insured banks and thrifts, according to a data analysis by MortgageDaily.com.
Read more stats and details at MortgageDaily.com
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