South Carolina Mortgage Fraud: Still Happening

by South Carolina Mortgage Expert on July 21, 2009

Mortgage Fraud in South Carolina: 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 South Carolina as well as in the national news. Many experts point to mortgage fraud as one of the reasons that the country is experiencing a housing crisis. And as usual, it seems that the regulatory agencies are just a little late to the party — but they have finally arrived.

fbiFrom 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 South Carolina: It Still Happens

Believe it or not, mortgage fraud is still happening right here in South Carolina. It is not something that “used to happen” but doesn’t happen anymore. If you are aware of any mortgage fraud victims or scams, be sure to contact the FBI.

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