Global Economic Intersection
Advertisement
  • Home
  • Economics
  • Finance
  • Politics
  • Investments
    • Invest in Amazon $250
  • Cryptocurrency
    • Best Bitcoin Accounts
    • Bitcoin Robot
      • Quantum AI
      • Bitcoin Era
      • Bitcoin Aussie System
      • Bitcoin Profit
      • Bitcoin Code
      • eKrona Cryptocurrency
      • Bitcoin Up
      • Bitcoin Prime
      • Yuan Pay Group
      • Immediate Profit
      • BitQH
      • Bitcoin Loophole
      • Crypto Boom
      • Bitcoin Treasure
      • Bitcoin Lucro
      • Bitcoin System
      • Oil Profit
      • The News Spy
      • Bitcoin Buyer
      • Bitcoin Inform
      • Immediate Edge
      • Bitcoin Evolution
      • Cryptohopper
      • Ethereum Trader
      • BitQL
      • Quantum Code
      • Bitcoin Revolution
      • British Trade Platform
      • British Bitcoin Profit
    • Bitcoin Reddit
    • Celebrities
      • Dr. Chris Brown Bitcoin
      • Teeka Tiwari Bitcoin
      • Russell Brand Bitcoin
      • Holly Willoughby Bitcoin
No Result
View All Result
  • Home
  • Economics
  • Finance
  • Politics
  • Investments
    • Invest in Amazon $250
  • Cryptocurrency
    • Best Bitcoin Accounts
    • Bitcoin Robot
      • Quantum AI
      • Bitcoin Era
      • Bitcoin Aussie System
      • Bitcoin Profit
      • Bitcoin Code
      • eKrona Cryptocurrency
      • Bitcoin Up
      • Bitcoin Prime
      • Yuan Pay Group
      • Immediate Profit
      • BitQH
      • Bitcoin Loophole
      • Crypto Boom
      • Bitcoin Treasure
      • Bitcoin Lucro
      • Bitcoin System
      • Oil Profit
      • The News Spy
      • Bitcoin Buyer
      • Bitcoin Inform
      • Immediate Edge
      • Bitcoin Evolution
      • Cryptohopper
      • Ethereum Trader
      • BitQL
      • Quantum Code
      • Bitcoin Revolution
      • British Trade Platform
      • British Bitcoin Profit
    • Bitcoin Reddit
    • Celebrities
      • Dr. Chris Brown Bitcoin
      • Teeka Tiwari Bitcoin
      • Russell Brand Bitcoin
      • Holly Willoughby Bitcoin
No Result
View All Result
Global Economic Intersection
No Result
View All Result

FinCEN Mortgage Fraud Cases Up 31% in 2011

admin by admin
April 25, 2012
in Uncategorized
0
0
SHARES
46
VIEWS
Share on FacebookShare on Twitter

Econintersect:  The Financial Crimes Enforcement Network (FinCEN) has financial-crimes-enforcement-network-logoSMALLannounced the release of its fourth quarter and full year 2011 activity report.  FinCEN is a division of the U.S. Treasury with the mission of detecting and limiting financial fraud.  The number of SARs (suspicious activity reports) declined 4Q 2011 by 9% over the prior year period, while there was an increase of 31% for the full year over 2010.  On a per capita basis four of the five worst counties for mortgage fraud were in California and the other was in Florida.  See press release below for details.

The current report indicates that mortgage lending due diligence has been improving in more recent years. This is evident in the 40% turndown rate by lending institutions in cases of SAR events addressed in 2011.

There are many graphics in the report; two of them are shown below.  The first graphic shows that, after slowdowns in growth of cases in 2009 and 2010, the historic growth rate of SARs was reestablished in 2011.

mortgage-fraud-SAR-history-2012-April-No.-1

 

The overwhelming peak in SARs originated at the housing bubble peak (2006) and in 2007 as it began to deflate.

mortgage-fraud-SAR-history-2012-April-No.-3

The following is the complete Press Release from FinCEN:

FOR IMMEDIATE RELEASE
April 23, 2012

CONTACT: Bill Grassano
703-905-3770

FinCEN Reports Mortgage Fraud SARs Increased in 2011
Even as Fourth Quarter Level Decreased

VIENNA, Va. – The Financial Crimes Enforcement Network today released its full year 2011 update of mortgage loan fraud reported suspicious activity reports (MLF SARs) that shows financial institutions submitted 92,028 MLF SARs last year, a 31 percent increase over the 70,472 submitted in 2010. The increase can primarily be attributable to mortgage repurchase demands.

Financial institutions submitted 17,050 MLF SARs in the 2011 fourth quarter, a 9 percent decrease in filings over the same period in 2010 when financial institutions filed 18,759 MLF SARs. While too soon to call a trend, the fourth quarter of 2011 was the first time since the fourth quarter of 2010 when filings of MLF SARs had fallen from the previous year. FinCEN also updated its SAR data sets used in the report.

The report also provides clues that there is significant improvement in mortgage lending due diligence since the height of the housing bubble. For example, 40 percent of MLF SAR narratives, where SAR filers provide details of why an activity appears suspicious, indicated the filing institution turned down the subject’s loan application, short sale request, or debt elimination attempt because of the suspected fraud reported in the SAR.

“The FinCEN report shows we’re seeing financial institutions spotting activity that appears to be fraud before it happens and in the process, helping to prevent it,” said FinCEN Director James H. Freis, Jr. “Even though we’re seeing the market work through its backlog of the book of business now in default, FinCEN data is revealing possible fraud that institutions are using to help defeat scammers.”

For instance, in the majority of income fraud-related SARs, filers detected a misrepresentation before funding a loan request, based on record checks during the underwriting process, and declined the application. Additionally, in all of the debt elimination SARs, filers recognized that documents submitted to cancel mortgage obligations or pay off loan balances were invalid, and communicated to customers that their mortgages were still due.

In 2011, 84 percent of reported activities occurred more than two years prior to filing, compared to 77 percent in 2010. In 2011 fourth quarter, 80 percent of reported activities occurred more than two years prior to filing, compared to 82 percent in 2010 fourth quarter.

FinCEN also released per capita rankings of MLF SARs subjects by state and by county. The top five counties ranked per capita and by MLF SAR subjects in 2011 were Santa Clara County, California; Orange County, California, Riverside County, California, Broward County, Florida and, Los Angeles. The top five states ranked by per capita and by SAR subject in 2011 were: California, Hawaii, Florida, Nevada, and the District of Columbia (D.C. is counted as a state for purposes of this report.)

FinCEN’s ongoing work directly supports criminal investigations and prosecutions, including in connection with the Financial Fraud Enforcement Task Force and recently the Residential Mortgage-Backed Securities Working Group. President Obama created the Financial Fraud Enforcement Task Force by executive order in November 2009 to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes. With more than 20 federal agencies, 94 U.S. Attorneys’ Offices and State and local partners, it is the broadest coalition of law enforcement, investigatory and regulatory agencies ever assembled to combat fraud and bring to bear a powerful array of criminal and civil enforcement resources. Learn more about the Financial Fraud Enforcement Task Force at www.stopfraud.gov.

Editors: Please note that this report includes a more complete list of per capita rankings of states, counties, and metropolitan areas based on the number of subjects mentioned in MLF SARs.

Director Freis discussed additional details of FinCEN’s activities fighting mortgage loan fraud in his speech today to the Mortgage Bankers Association’s National Fraud Issues Conference in Phoenix, Arizona.

John Lounsbury

Sources:

  • FinCEN Reports Mortgage Fraud SARs Increased in 2011 Even as Fourth Quarter Level Decreased (Press Release, 23 April 2012)
  • Mortgage Loan Fraud Update (Financial Crimes Enforcement Network, United States Department of the Treasury, April 2012)
  • Financial Crimes Enforcement Network (U.S. Treasury, web site)
  • Mortgage Fraud Cases Surge (GEI News, 7 March 2012)

Hat tip to Roger Erickson.

Previous Post

The USA Economy Is So Bad, The Mexicans Are Leaving!

Next Post

Will On-Line Higher Education Impact the Economy?

Related Posts

Only 2 Exchanges Registered In Hong Kong As Crypto Ban Is Removed
Economics

Only 2 Exchanges Registered In Hong Kong As Crypto Ban Is Removed

by John Wanguba
May 31, 2023
Will Ethereum Outperform Bitcoin?
Economics

Will Ethereum Outperform Bitcoin?

by John Wanguba
May 30, 2023
Is ReFi The Future Of DeFi?
Finance

Is ReFi The Future Of DeFi?

by John Wanguba
May 30, 2023
What Is Regenerative Finance (ReFi)?
Finance

What Is Regenerative Finance (ReFi)?

by John Wanguba
May 30, 2023
How Will The US Debt Ceiling Crisis Affect Bitcoin Price
Economics

How Will The US Debt Ceiling Crisis Affect Bitcoin Price

by John Wanguba
May 29, 2023
Next Post

Will On-Line Higher Education Impact the Economy?

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Browse by Category

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized

Browse by Tags

adoption altcoins bank banking banks Binance Bitcoin Bitcoin adoption Bitcoin market blockchain BTC business China crypto crypto adoption cryptocurrency crypto exchange crypto market crypto regulation decentralized finance DeFi Elon Musk ETH Ethereum Europe Federal Reserve finance FTX inflation investment market analysis Metaverse NFT nonfungible tokens oil market price analysis recession regulation Russia stock market technology Tesla the UK the US Twitter

Archives

  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • August 2010
  • August 2009

Categories

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized
Global Economic Intersection

After nearly 11 years of 24/7/365 operation, Global Economic Intersection co-founders Steven Hansen and John Lounsbury are retiring. The new owner, a global media company in London, is in the process of completing the set-up of Global Economic Intersection files in their system and publishing platform. The official website ownership transfer took place on 24 August.

Categories

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized

Recent Posts

  • Only 2 Exchanges Registered In Hong Kong As Crypto Ban Is Removed
  • Will Ethereum Outperform Bitcoin?
  • Is ReFi The Future Of DeFi?

© Copyright 2021 EconIntersect - Economic news, analysis and opinion.

No Result
View All Result
  • Home
  • Contact Us
  • Bitcoin Robot
    • Bitcoin Profit
    • Bitcoin Code
    • Quantum AI
    • eKrona Cryptocurrency
    • Bitcoin Up
    • Bitcoin Prime
    • Yuan Pay Group
    • Immediate Profit
    • BitIQ
    • Bitcoin Loophole
    • Crypto Boom
    • Bitcoin Era
    • Bitcoin Treasure
    • Bitcoin Lucro
    • Bitcoin System
    • Oil Profit
    • The News Spy
    • British Bitcoin Profit
    • Bitcoin Trader
  • Bitcoin Reddit

© Copyright 2021 EconIntersect - Economic news, analysis and opinion.

en English
ar Arabicbg Bulgarianda Danishnl Dutchen Englishfi Finnishfr Frenchde Germanel Greekit Italianja Japaneselv Latvianno Norwegianpl Polishpt Portuguesero Romanianes Spanishsv Swedish