Lawmakers Seek To Tamp Down Mortgage Fraud

Law360, New York (March 18, 2009, 12:00 AM EDT) -- State and federal regulatory agencies told U.S. lawmakers on Friday that they had redoubled efforts to combat a surge in mortgage-related fraud, despite gaps in regulatory oversight and staffs that in some cases were stretched thin.

The number of suspected mortgage-related fraud cases reported in the past year has soared in the wake of the global financial crisis, exposing schemes that might otherwise thrive in healthy market conditions, regulators told the House Financial Services Committee.

The FBI is handling more than 2,000 mortgage fraud investigations for...
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