Mortgage fraud is ‘rampant’

The Federal Bureau of Investigation today said the housing downturn is creating a “rampant mortgage fraud climate” and that fraud is an “escalating problem in the United States and a contributing factor to the billions of dollars in losses in the mortgage industry.” Here are more highlights from the report on fraud in 2008: Suspicious Activity Reports (SAR) on mortgage fraud from financial institutions increased 36 percent to 63,713 during fiscal year 2008 compared to 46,717 filings in 2007.