FBI Investigates Mortgage Fraud Cases in Arizona
Mortgage fraud seems to be a hot topic in the media lately, both right here in Arizona as well as in the national news. Because of the current housing crisis that the country is in, many people point to “mortgage fraud” as being on the main contributing factors that put the country in crisis. And although to some people it may seem to be a case of “too little, too late”, agencies such as the FBI are cracking down on mortgage fraud.
From A Warning Posted on The FBI Website:
Mortgage Fraud is investigated by the Federal Bureau of Investigation and is punishable by up to 30 years in federal prison or $1,000,000 fine, or both. It is illegal for a person to make any false statement regarding income, assets, debt, or matters of identification, or to willfully overvalue any land or property, in a loan and credit application for the purpose of influencing in any way the action of a financial institution.
Some of the applicable Federal criminal statutes which may be charged in connection with Mortgage Fraud include:
- 18 U.S.C. § 1001 – Statements or entries generally
- 18 U.S.C. § 1010 – HUD and Federal Housing Administration Transactions
- 18 U.S.C. § 1014 – Loan and credit applications generally
- 18 U.S.C. § 1028 – Fraud and related activity in connection with identification documents
- 18 U.S.C. § 1341 – Frauds and swindles by Mail
- 18 U.S.C. § 1342 – Fictitious name or address
- 18 U.S.C. § 1343 – Fraud by wire
- 18 U.S.C. § 1344 – Bank Fraud
Arizona Mortgage Fraud: It Isn’t Over
Believe it or not, mortgage fraud is still happening right here in Arizona. Do everyone a favor and if you are aware of anything that may be considered mortgage fraud, be sure to let the FBI know.