Mortgage Fraud in Indiana: It Isn’t Worth It
News headlines have been talking about mortgage fraud quite a bit lately, both right here in Indiana as well as in the national news. Because of the current housing crisis that the country is in, many people point to “mortgage fraud” as being on the main contributing factors that put the country in crisis. And while it may seem a little too late, enforcement agencies such as the FBI are starting to crack down on mortgage fraud.
From 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 Indiana: It Isn’t Over
Believe it or not, mortgage fraud is still happening right here in Indiana. No matter what, the single biggest help that you can be to authorities is to let them know if you are aware of anyone or any company that may be in violation of the above laws. If you or someone you know has witnessed any type of mortgage fraud, be sure to contact the FBI.
