Texas Mortgage Fraud: It Isn’t Worth It
News headlines have been talking about mortgage fraud quite a bit lately, both right here in Texas 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 one of the main contributing factors that put the country in the current housing crisis. And although to some people it may seem to be a case of “too little, too late”, agencies such as the FBI are cracking down on mortgage fraud.
From A Warning Posted 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
Texas Mortgage Fraud: It Still Happens
Some people think that mortgage fraud doesn’t really happen anymore, but it is alive and well. Mortgage fraud is happening right here in Texas, right now. If you know of anyone who has been a victim of mortgage fraud, or know of a mortgage fraud scheme happening right now, be sure to contact the FBI.
