Atlanta mortgage fraud attorneys are finding that allegations of mortgage fraud are up 4% nationwide, and that Atlanta is one of the top ten cities with increases in mortgage fraud allegations. According to the Financial Crimes Enforcement Network (FinCEN), Los Angeles and Miami are the top two cities where mortgage fraud suspicion reports are being filed
Suspicious activity reports (SARs) for mortgage fraud in 2009 were up 4% from 2008. The fourth quarter of 2009 was up 6% from the same quarter the year before. Mortgage loan fraud allegations were 9% of all SARs filed in 2009, and they were at 11% in in the fourth quarter of 2009.
In 2008, allegations of mortgage fraud were up 23%.
Los Angeles and Miami were the top two cities for mortgage fraud allegations. Each had more than 10,000 reports filed. In third place is New York City with over 7,200 allegations, followed by Chicago at 5,500. Riverside, Washington DC, Phoenix, Atlanta and Detroit are in the top ten, all with around 4,000 allegations.
FinCEN Director James Freis, Jr. said, “These numbers tell us that we must remain vigilant and continue taking action to focus resources and hold accountable perpetrators of mortgage fraud”
Allegations in SARs do not necessarily mean there have been cases of actual fraud, just cases that may merit FinCEN investigation. Foreclosures, repurchases, insurance investigations, and enforcement actions appear in SAR reports as contributing factors to the discovery and reporting of suspicious activities.
Source: Housing Wire, “Alleged Mortgage Fraud up 4% in 2009 with LA, Miami in Top Spots“