Mortgage fraud is a crime in which the intent is to materially misrepresent or omit information on a mortgage loan application to obtain a loan or to obtain a larger loan than would have been obtained had the lender or borrower known the truth.
In United States federal courts, mortgage fraud is prosecuted as wire fraud, bank fraud, mail fraud and money laundering, with penalties of up to thirty years imprisonment. As the incidence of mortgage fraud has risen over the past few years, states have also begun to enact their own penalties for mortgage fraud.
Mortgage fraud is not to be confused with predatory mortgage lending, which occurs when a consumer is misled or deceived by agents of the lender. However, predatory lending practices often co-exist with mortgage fraud.
Read more about Mortgage Fraud: Types, Other Background, Fraud Enforcement and Recovery Act of 2009
Other articles related to "mortgage fraud, mortgage, fraud, mortgages":
... criminally inclined individual to further a mortgage scam ... Shory, for allegedly being involved in a mortgage fraud in which the bank lost $30 million ... payment the "straw buyers" would allow their names to be used on mortgage applications to obtain real estate properties in the Calgary area ...
... In May 2009, the Fraud Enforcement and Recovery Act of 2009, or FERA, Pub.L ... to enhance criminal enforcement of federal fraud laws, especially regarding financial institutions, mortgage fraud, and securities fraud or commodities fraud. 3 of the Act authorized additional funding to detect and prosecute fraud at various federal agencies, specifically $165,000,000 to the Department of Justice, $30,000,000 each to the Postal ...
... The FBI defines mortgage fraud as 'the intentional misstatement, misrepresentation, or omission by an applicant or other interest parties, relied on by a lender or underwriter to ... mortgage fraud.. ... financial crimes filed by depository banks and their affiliates – related to mortgage fraud grew 20-fold between 1996 and 2005 and then more than doubled again between 2005 and ...
... Mortgage Fraud Unit The Criminal Investigations Bureau has a Mortgage Fraud Unit that serves as a special team charged with fighting mortgage fraud in New York State ... The Department also compiles state-wide data on mortgages and implements legislative requirements that require each homeowner facing foreclosure to receive a ... A major component of the anti-fraud campaign includes New York’s participation in the National Mortgage Licensing System (NMLS), a state-run project to register ...
... a bankruptcy attorney had told Serin that he would open himself to potential charges of mortgage fraud if he filed for bankruptcy, since the debts were acquired under fraudulent pretenses ... Herald that "the stuff I did is technically mortgage fraud, but it's not officially called that until someone prosecutes me and proves that that is indeed mortgage fraud," asserting a presumption of ...
Famous quotes containing the words fraud and/or mortgage:
“He saw, he wish’d, and to the prize aspir’d.
Resolv’d to win, he meditates the way,
By force to ravish, or by fraud betray;
For when success a lover’s toil attends,
Few ask, if fraud or force attain’d his ends.”
—Alexander Pope (1688–1744)
“The mortgage is still in our name but, increasingly, the house is theirs. One diaper, one vote.”
—Fred G. Gosman (20th century)