Mortgage Fraud Tops $1B: Report

Law360, New York (October 2, 2006, 12:00 AM EDT) -- Mortgage fraud has continued to escalate, reaching $1 billion in 2005, with Los Angeles at the top of the list as the city with highest incidence of suspicious activity, according to a new report by the Federal Bureau of Investigation.

Through Sept. 26 of this year, 2,293 suspicious activity reports were filed in Los Angeles, amounting to over half of the 4,228 reports filed in Southern California, FBI figures showed.

Although the increase in fraud could be the result of a lag in reporting, the FBI...
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