Mortgage Fraud: New Schemes Emerge
July 27, 2010
Total Loss:
Unknown
Certain U.S. markets are expected to continue to see incidents of mortgage fraud grow. In fact, LexisNexis Risk Solutions has identified five markets in Florida as being the weakest and most vulnerable to mortgage fraud. Other markets listed as targets for fraud include cities and suburbs in New Jersey, Virginia and Arizona.
Despite continual increases in foreclosure rates, criminals and con artists are taking advantage of these markets' conditions by focusing on new types of scams like rescue schemes, which often involve the purchase of a home from a lender whose about to go into foreclosure.
Source:
Bank Info Security
Posted in:
Collusive Networks