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Mortgage Fraud

Suspected Mortgage Fraud

News Releases

• FinCEN Reports Suspicious Activity Related to Mortgage Fraud in 2009 HTML | PDF
• FinCEN Analysis: Foreclosure Rescue Scam Reports Increase (06/17/2010) HTML | PDF
• FinCEN Warns Lenders to Guard Against Home Equity Conversion Mortgage Fraud Schemes (04/27/2010) HTML | PDF
• Department of Justice News Release: Attorney General Holder, Financial Fraud Enforcement Task Force Announce New Funding Distribution for Enforcement Efforts at Mortgage Fraud Summit in Phoenix (03/25/2010) HTML Only
• Department of Justice News Release: Financial Fraud Enforcement Task Force Hosts Mortgage Fraud Summit in Miami (02/24/2010) HTML Only
• FinCEN Issues Mortgage Loan Fraud Update; Warns of Foreclosure Rescue Scam Techniques (02/18/2010) HTML | PDF
• FinCEN Report Shows Connection With Mortgage Fraud and Other Financial Crime (03/16/2009) HTML | PDF
• FinCEN Mortgage Fraud Report – Growth in Mortgage Repurchases Increases Fraud Detection (02/25/2009) HTML | PDF
• FinCEN Releases Updated Mortgage Fraud Report (04/03/2008) HTML | PDF
• FinCEN Assessment Reveals Suspected Mortgage Loan Fraud Continues to Rise (11/03/2006) HTML | PDF

Reports

• Mortgage Loan Fraud Update: Suspicious Activity Report Filings from October 1-December 31, 2009 (July 2010) PDF Only
• Mortgage Loan Fraud: Loan Modification and Foreclosure Rescue Scams – Evolving Trends and Patterns in Bank Secrecy Act Reporting (June 2010) PDF Only
• Mortgage Loan Fraud Update: Suspicious Activity Report Filings from July 1-September 30, 2009 (February 2010) PDF Only
• Mortgage Loan Fraud Update (published in The SAR Activity Review - Trends, Tips & Issues [Issue 16, October 2009]) PDF Only
• Mortgage Loan Fraud Connections with Other Financial Crime (March 2009) PDF Only
• Filing Trends in Mortgage Loan Fraud (February 2009) PDF Only
• Mortgage Loan Fraud: An Update of Trends based Upon an Analysis of Suspicious Activity Reports (April 2008) PDF Only
• FinCEN Mortgage Loan Fraud Assessment (November 2006) HTML | PDF

Advisories

• Updated Advisory (FIN-2010-A006) to Financial Institutions on Filing Suspicious Activity Reports Regarding Loan Modification/Foreclosure Rescue Scams HTML | PDF

Speeches

• Prepared Remarks of FinCEN Director James H. Freis, Jr. before the Mortgage Bankers Association of America (03/16/2009) HTML | PDF

Testimony

• Prepared Congressional Testimony of FinCEN Director Freis Regarding Efforts to Combat Mortgage Loan Fraud and Foreclosure Rescue Fraud (05/06/2009) HTML | PDF

Suspected Money Laundering in the Residential Real Estate Industry

News Releases

• FinCEN Report Warns of Money Laundering Methods and Trends in Residential Real Estate Industry (05/01/2008) HTML | PDF

Reports

• Suspected Money Laundering in the Residential Real Estate Industry: An Assessment Based Upon Suspicious Activity Report Filing Analysis (April 2008) PDF Only

Suspected Money Laundering in the Commercial Real Estate Industry

News Releases

• FinCEN Sees Growth in Suspected Money Laundering in Commercial Real Estate Industry (12/05/2006) HTML | PDF

Reports

• Money Laundering in the Commercial Real Estate Industry: An Assessment Based Upon Suspicious Activity Reporting Filing Analysis (December 2006) HTML | PDF

Home Equity Conversion Mortgages (Reverse Mortgages)

News Releases

• FinCEN Warns Lenders to Guard Against Home Equity Conversion Mortgage Fraud Schemes (04/27/2010) HTML | PDF

Advisories

• Advisory (FIN-2010-A005) to Financial Institutions on Filing Suspicious Activity Reports Regarding Home Equity Conversion Mortgage Fraud Schemes HTML | PDF

Mortgage Fraud Cases Supported by BSA Filings

• SARs Lead to Serial Mortgage Fraud Offender
• Mortgage Broker Pleads Guilty to Structuring Charges
• Case for Mortgage Fraud Involving Straw Buyers Supported by SARs
• Proactive Suspicious Activity Report Review Leads to Guilty Pleas in "Cash Back" Mortgage Fraud Scheme
• Bank Secrecy Act Records Help Launch Investigation on Convicted Felon Not Complying with Restitution Order
• Suspicious Activity Reports Detail Transactions in Mortgage Fraud Scheme
• One Hundred SARs Help Outline Size and Scope of Fraudulent Mortgage Elimination Scheme

Other Resources

Resources for the Public

• FTC Leads "Operation Loan Lies" to Stop Fraud and Help Distressed Homeowners
• OCC Offers Tips to Avoid Mortgage Modification and Foreclosure Avoidance Scams
• FTC - Information on foreclosure rescue scams
• FBI - Information on reporting mortgage fraud scams
• HelpWithMyBank.gov - To register a complaint about a national bank
• Office for Victims of Crime (DOJ) - Resources for victims of crime
• HUD - Resources on understanding your mortgage and preventing mortgage fraud
• Federal Reserve Board of Governors – Resources on reporting problems with banks or other financial institutions
• Federal Reserve Board’s 5 Tips for Avoiding Foreclosure Scams
• Federal Reserve System Foreclosure Resource Centers
• OTS - Information on mortgage fraud, identity theft and reporting problems with federal savings and loans associations
• NCUA - Information on filing a complaint concerning a credit union
• FinancialStability.gov - Information regarding the Financial Stability Plan to restore stability to the U.S. financial system, introduced in February 2009 by Treasury Secretary Timothy Geithner
• U.S. Financial Literacy and Education Commission – Information on financial education
• U.S. Treasurer’s financial literacy initiatives
• HOPE NOW Alliance – Information on foreclosure prevention assistance

Resources for Institutions and Financial Industry Professionals

• FDIC - Staying Alert to Mortgage Fraud
• NeighborWorks® America’s Center for Foreclosure Solutions - Resources for foreclosure prevention professionals
• OCC and OTS Release Mortgage Metrics Reports for Fourth Quarter 2008, First Quarter 2009, and Second Quarter 2009
• FBI's 2008 Mortgage Fraud Report "Year in Review"

Resources on the Making Home Affordable Program

• Obama Administration Kicks Off Mortgage Modification Conversion Drive
• Obama Administration Releases New Data on Making Home Affordable Program, Includes State-Specific Modifications to Date
• Making Home Affordable Program on Pace to Offer Help to Millions of Homeowners
• Administration, Servicers Commit to Faster Relief for Struggling Homeowners through Loan Modifications
• Obama Administration to Launch National Outreach Campaign in Support of Making Home Affordable Program
• Secretaries Geithner, Donovan Announce new Details of Making Home Affordable Program, Highlight Implementation Progress
• Obama Administration Announces New Details on Making Home Affordable Program
• Treasury Announces Requirements for the Making Home Affordable Program
• Administration Launches New Consumer Website for Responsible Homeowners Seeking Relief
• Fannie Mae Undertakes "Making Home Affordable" Refinancing and Modification Initiatives
• Freddie Mac Announces Two Initiatives Supporting President Obama's Making Home Affordable Plan