Are FBI Mortgage Fraud Estimates Low?

Yes, by over $3 billion a year, according to Arthur Prieston, chairman of The Prieston Group, a California firm which offers an integrated suite of fraud protection, loss mitigation and insurance services. Another expert says it could even be more than that. In addition, practices such as "shotgunning" are reportedly on the upswing, and there is a belief that some home builders stuck with unsold homes may be next to utilize "straw buyer" scams to better facillitate unloading their inventory. Fraud by loan originators and title closers are also reportedly at unprecedented levels.

To read more, see Fraud: $4 Billion and Rising, reported in Realty Times.
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