What is Federal Mortgage Fraud? скачать в хорошем качестве

What is Federal Mortgage Fraud?

Learn about federal mortgage fraud, its categories, and how it's prosecuted in the U.S. We'll explore how fraud for property differs from fraud for profit, the role of white-collar professionals, and the FBI's focus on illegal house flipping. Stay informed on mortgage fraud cases and understand how this white-collar crime operates in a volatile housing market. 00:00 What is Federal Mortgage Fraud? 00:15 Mortgage Fraud isn't Codified Under a Federal Statute; It's Prosecuted Under Related Statutes 00:29 Crimes Against A Credit Institution, False Statements on Loan Application; Fraud Against HUD or FHA 00:43 2 Categores: Fraud for Property & Fraud for Profit 01:39 FBI Focusing on Illegal House Flipping 02:36 Volatile Housing Market 02:52 Questions? Comments? Transcript: Associate Audrey Hatcher: What is mortgage fraud and what makes it different from other types of white collar crimes? In the United States assistant, US attorneys will prosecute mortgage fraud cases through a number of different avenues. Since mortgage fraud isn't codified under federal statute, assistant US attorneys will prosecute mortgage fraud cases under a related statute. So this will be things such as crimes against a credit institution or false statements on a loan application, or fraud against HUD, which is the Housing and Urban Development, or FHA, which is the Fair Housing Administration. Mortgage fraud typically is found in two categories, fraud for property and fraud for profit. So in cases of fraud for property, it's going to be a case where somebody is typically lying on a loan application or providing false statements or records, and it's typically just one person and they're trying to procure a property, and that's what makes it a mortgage fraud, that is fraud for property. The other type of mortgage fraud category is fraud for profit. And in this case, the main goal is to make money and make it quickly and as efficiently as possible. In the fraud for profit cases, you'll typically find a team of people working together to complete this fraud. It's going to be a lot more intricate and involve white collar professionals, such as real estate attorneys, realtors, mortgage brokers, people of this nature, and it could include anybody from bank employees at the very bottom of the totem pole, all the way up to the mortgage broker who's in charge of the entire bank loans. The FBI is investigating a certain type of mortgage fraud more these days, and that's illegal house flipping. So with the rise in popularity of TV shows like Fixer Upper or other HDTV shows like that, there's been a greater market for flipping houses. So essentially when you flip a house, you buy it for a low price, it's kind of run down, or it's really outdated and it needs a lot of work. You put all of that time and effort in to make the house new, better, et cetera, and you sell it for a profit. In cases of illegal house flipping, the FBI will either find things such as a straw buyer, so not a real buyer trying to buy the house for a quick profit, or it will come in the form of a false appraisal, a fraudulent appraisal. So that's essentially meaning that the house is being appraised for a much higher value than it's actually worth and being sold really quickly to make that profit. In the after effects of COVID-19, the housing market's been very volatile, and this can mean that there's going to be more of these prosecutions.