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SARs Related to Mortgage Fraud Jump 44 Percent Over Previous Year
By Matt Squire
printBank reports of suspected mortgage fraud increased more than regulatory filings of any other financial crime in the twelve-month period ending June 30, the U.S. Treasury Department said Wednesday. U.S. depository institutions filed 62,084 suspicious activity reports (SARs) on suspected cases of mortgage loan fraud between July 1, 2007 and June 30, 2008, a 44 percent increase from the previous twelve-month period, according to the department's Financial Crimes Enforcement Network (FinCEN). The mortgage-related reports accounted for nine percent of all suspicious activity reports (SARs) filed by financial institutions during the twelve-month period, up from seven percent during the previous period,...
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