FBI Investigates Mortgage Fraud Cases in Georgia
In recent months, there has been quite a few headlines in the news regarding mortgage fraud – both right here in Georgia as well as in the national news. Many experts point to mortgage fraud as one of the reasons that the country is experiencing a housing crisis. And although it may seem a little late, the regulatory bodies that regulate the mortgage markets have now started to crack down on mortgage fraud.
According to a warning on the FBI Website:
Mortgage Fraud is investigated by the Federal Bureau of Investigation and is punishable by up to 30 years in federal prison or $1,000,000 fine, or both. It is illegal for a person to make any false statement regarding income, assets, debt, or matters of identification, or to willfully overvalue any land or property, in a loan and credit application for the purpose of influencing in any way the action of a financial institution.
Some of the applicable Federal criminal statutes which may be charged in connection with Mortgage Fraud include:
- 18 U.S.C. § 1001 – Statements or entries generally
- 18 U.S.C. § 1010 – HUD and Federal Housing Administration Transactions
- 18 U.S.C. § 1014 – Loan and credit applications generally
- 18 U.S.C. § 1028 – Fraud and related activity in connection with identification documents
- 18 U.S.C. § 1341 – Frauds and swindles by Mail
- 18 U.S.C. § 1342 – Fictitious name or address
- 18 U.S.C. § 1343 – Fraud by wire
- 18 U.S.C. § 1344 – Bank Fraud
- 42 U.S.C. § 408(a) – False Social Security Number
Mortgage Fraud in Georgia: Is It Over?
Believe it or not, mortgage fraud is still happening right here in Georgia. If you are aware of any mortgage fraud victims or scams, be sure to contact the FBI.
