Mortgage Fraud in Alabama: It Isn’t Worth It
In recent months, there has been quite a few headlines in the news regarding mortgage fraud – both right here in Alabama 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 biggest reasons that we are in a crisis in the first place. And as usual, it seems that the regulatory agencies are just a little late to the party — but they have finally arrived.
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
Mortgage Fraud in Alabama: Is It Over?
Some people think that mortgage fraud doesn’t really happen anymore, but it is alive and well. Mortgage fraud is happening right here in Alabama, right now. Do everyone a favor and if you are aware of anything that may be considered mortgage fraud, be sure to let the FBI know.
