#8 Of 2009’s Top Financial Fraud Law Issues: The Mortgage Mess

Subprime mortgages, overpriced homes, excessive valuations, poorly documented loans, the severe drop in the value of houses across the country, and continuing prosecutions of mortgage fraud – including mortgage relief service scams – make

the “Mortgage Mess” our 8^th most significant Financial Fraud Law issue of 2009. 

Just take a look at some of the titles to our recent posts on these subjects:
 
-Mortgage Delinquencies, Foreclosures Up; ARMs In Trouble 
-More Alleged Mortgage Fraud Scams: Today, 41 Defendants Are Charged
-FTC Announces New Enforcement Actions In Crackdown On Alleged Mortgage Relief Services Scams
-Former Bank Employee Pleads Guilty in Mortgage Fraud Scheme
-Bill Would Provide $200 Million To Create Mortgage Fraud Units At District Attorney Offices Across The Country
-One Of The Largest Alleged Mortgage Fraud Cases In Country Reportedly Involves 453 Homes
-Federal, State Partners Convene to Discuss Ongoing Anti-Fraud Efforts in Housing Markets
-Mortgage Fraud Escalating, FBI Reports
-FTC Announces New Enforcement Actions In Crackdown On Alleged Mortgage Relief Services Scams
-More Than Just Tea Leaves: Assistant AG Talks About Mortgage Fraud And The Financial Fraud Task Force
 
And, keep in mind, that when announcing the Obama Administration’s Financial Fraud Law Task Force, the U.S. Attorney General stated, among other things, “We also have devoted substantial attention to preventing and prosecuting mortgage fraud. The FBI is currently investigating more than 2,800 mortgage fraud cases, up almost 400 percent from five years ago. The Bureau has more than doubled the number of agents investigating mortgage scams, and has created a National Mortgage Fraud Team at headquarters here in Washington. And last summer, we launched a coordinated state/federal mortgage fraud initiative with state attorneys general from around the country. This initiative will result in enhanced information-sharing, improved criminal and civil enforcement efforts, and a more effective approach to fighting discrimination in the housing and lending markets.”
 
Enough said.
 
For background, take a look at these posts: http://www.financialfraudlaw.com/lawblog/mortgage-delinquencies-foreclosures-arms-trouble/339; http://www.financialfraudlaw.com/lawblog/more-alleged-mortgage-fraud-scams-today-41-defendants-are-charged/381; http://www.financialfraudlaw.com/content/ftc-announces-new-enforcement-actions-crackdown-alleged-mortgage-relief-services-scams; http://www.financialfraudlaw.com/content/former-bank-employee-pleads-guilty-mortgage-fraud-scheme; http://www.financialfraudlaw.com/lawblog/bill-would-provide-200-million-create-mortgage-fraud-units-district-attorney-offices-across-; http://www.financialfraudlaw.com/content/one-largest-mortgage-fraud-cases-country-allegedly-involves-453-homes; http://www.financialfraudlaw.com/content/federal-state-partners-convene-discuss-ongoing-anti-fraud-efforts-housing-markets; http://www.financialfraudlaw.com/content/ftc-announces-new-enforcement-actions-crackdown-alleged-mortgage-relief-services-scams; http://www.financialfraudlaw.com/content/mortgage-fraud-escalating-fbi-reports; and http://www.financialfraudlaw.com/lawblog/us-attorney-general-sets-forth-administration%E2%80%99s-roadmap-attacking-financial-fraud-task-force.