The FBI saw a substantial increase in mortgage fraud cases and convictions during 2007, and expects that rise to continue this year, USA Today reported today.
Last year, the FBI opened 1,210 mortgage fraud cases, almost three times the number in 2003, while convictions more than doubled to 260 from 123 in 2006.
FBI financial crimes section chief Sharon Ormsby said she expects those numbers to climb even higher in 2008, as desperate times call for desperate measures.
In recent months, many states have begun to take steps to protect consumers from mortgage fraud, including better oversight, improved disclosure, and complete reform.
And last Thursday, the OFHEO announced that it was changing the way it reports and identifies fraud in an effort to minimize the problem, especially internally.