More than 400 real estate industry players have been indicted since March – including dozens over the last two days – in a Justice Department crackdown on incidents of mortgage fraud nationwide that.

In my world, mortgage fraud is mortgage fraud. But for fraud investigators, mortgage fraud divides up into two categories: fraud for housing and fraud for profit. Fraud for housing is where a borrower will fudge the numbers on his or her loan application in order to be able get enough money to buy a particular property.

The FBI investigates mortgage fraud in two distinct areas: fraud for Housing and Fraud for Profit. Fraud for Profit is sometimes referred to as ”industry insider fraud” and the motive is to remove equity, falsely inflate the value of the property or issue loans based on fictitious properties.

.Or, the fraudsters steal a house a family is still living in.find a buyer (someone, say, who is satisfied with a few online photos).and sell the house without the family even knowing. In fact, the rightful owners continue right on paying the mortgage for a house they no longer own.

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"Mortgage fraud poses a significant threat to our economy, to the stability of our nation’s housing markets and to the peace of mind of millions of American homeowners," Deputy Attorney General.

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The Mortgage Meltdown WASHINGTON – Falling housing prices are driving up reports of mortgage fraud, with the FBI saying last week that reported losses are up 83 percent last year and climbing even higher in 2009.

They create Mortgage-Backed Securities. During a 2010 Senate hearing to confirm him as white house budget chief, Lew seemed to soft-pedal the role of financial deregulation in the housing crash, saying, "I don’t) personally know the extent to which deregulation drove it, but I don’t believe that deregulation was the proximate cause."

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The total dollar loss attributed to mortgage fraud is unknown, the FBI said; however, seven percent of reports filed during 2007 indicated a specific dollar loss, which totaled more than $813 million.

The FBI considers two types of mortgage fraud. Fraud for property involves an applicant making misstatements like embellishing income and concealing debt to get a loan. The second type, fraud for profit, is a bigger problem with elaborate schemes involving falsified appraisals and loan documents and techniques like straw buyers, identity theft and shell companies.