FBI Creates Nevada Mortgage Task Force
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The FBI has been sleeping through the mortgage fraud crisis hoping the elephant in the room would just go away. The banks lose a few million, homeowners end up with reduced property values, and we do not have to get our budgets blown out.
However, the elephant has started tearing things up just a little too much and now the FBI has had to react. What a surprise. Now the FBI is there to protect homeowners from mortgage fraud in Nevada as the degree of fraud is just too great to ignore.
The end result is that home buyers purchase properties in communities that are greatly over valued, and they are then unable to sell or refinance the property, eventually leading to foreclosure. The lending institution or the federal government is left to suffer massive economic losses.”
It said that as of February Nevada led the nation in investor-owned mortgage defaults.
The FBI said its task force would work with Las Vegas metropolitan police, the Internal Revenue Service, the Nevada Attorney General’s office and other federal agencies. via Reuters.
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