Savannah Mortgage Fraud Symposium
SAVANNAH – U.S. Department of Housing and Urban Development Assistant Secretary for Housing and Federal Housing Commissioner Brian D. Montgomery today gave the keynote address at a HUD Mortgage Fraud Symposium in Savannah, Georgia. The symposium, sponsored by HUD, aimed to increase consumer awareness of all types of fraud within the single housing industry.
“I firmly believe that one of the best ways to prevent fraud is to have educated consumers,” said Commissioner Montgomery. “That’s why we at FHA are remarketing our products so that consumers may protect themselves and their family from fraud.”
Recently published and broadcasted news reports have highlighted many cases of mortgage fraud. Georgia, Florida, North Carolina and South Carolina are among the top five states in the country where mortgage fraud is most prevalent.
As one of the fastest growing crimes in America, mortgage fraud has been the source of higher borrowing costs and inflated property tax. The Federal Bureau of Investigation reports the number of pending cases has nearly doubled over the past three years. Last year’s losses from federally regulated banks topped $1 billion.
Since 2000, HUD’s housing counseling funding has more than doubled to $45 million, including $2.7 million allocated specifically to mortgage fraud education.
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