FBI: Pace Of Reported Mortgage Fraud Quickening

The Associated Press reports:

• The sinking housing market is fertile ground for mortgage fraud, the FBI warns in a new report. The agency said Tuesday that reports of suspected mortgage fraud rose 31% to 46,717 from 35,617 in the previous fiscal year ending Oct. 31. In the first half of fiscal 2008, there were more than 33,000 such reports, quickening the pace of mortgage fraud for this fiscal year, an FBI spokesman said.

For more, see FBI warns of escalating mortgage fraud.

From the FBI, see:

• FBI press release,
• Report summary,
• Full FBI report.