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Paul Kiesel
Paul Kiesel
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FBI: We’ve Got a Big Mortgage Fraud Problem

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The Federal Bureau of Investigation has ordered more than two dozen of its field offices to stop probing some financial crimes in order to focus on a surge in subprime mortgage fraud, according to the Los Angeles Timesand Bloomberg News.

The shift was made after an analysis of where agents had been deployed. Traditionally, the FBI moves investigators to address urgent needs/cases. As of today, about 150 agents were working on mortgage fraud cases.

Bill Carter, an FBI spokesman in Washington, said that, “If you”re seeing a significant crime problem, you have to move resources [and] we’ve got a big problem with mortgage fraud.”

As mentioned over the last two months, mortgage fraud has been increasing in unsettling numbers. With reports of mortgage fraud continuing to increase, it appears that we’re nowhere near an end to the fallout from the housing/foreclosure crisis.