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March 23, 2009
Industry insiders are of priority concern when it comes to mortgage fraud, according to the Federal Bureau of Investigation. The agency's deputy director noted that in many cases it is the inside connection that allows the fraud to occur.
Suspicious Activity Reports, or SARs, filings could reach 70,000 by the end of September, as reported by MortgageDaily.com. FBI Deputy Director John S. Pistole reported to the Senate Judiciary Committee that over 63,000 SARs were filed in 2008.
To date, there are 18 mortgage fraud task forces and 47 working groups operating across the country working on the fraud that has possibly caused an estimated loss of $20 billion in 2008 alone.
Pistole asked Congress to force mortgage companies to report incidents of mortgage fraud and allow safe-harbor provisions for the whistle blowers.
Read story at MortgageDaily.com
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