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Florida Leads Federal Fraud Prosecutions

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A report from Syracuse University found that federal mortgage fraud prosecutions this year have been concentrated in Florida.

From January through October, 151 criminal mortgage fraud prosecutions have been filed by the federal government, Syracuse University’s Transactional Records Access Clearinghouse said in a report. The findings were based on data obtained from the U.S. Department of Justice.

Just 37 of the prosecutions, however, have been completed.

The report is the result of new mortgage fraud tracking established by federal prosecutors. But only 11 judicial districts were included in this inaugural report.

“In the months to come, TRAC will be providing regular updates on every referral acted upon by each U.S. Attorney’s Office and what the ultimate outcomes are,” the report said.

The Federal Bureau of Investigation led the investigations on 71 of the new prosecutions. The Federal Deposit Insurance Corporation led the investigations on 32 cases.

Nearly half — 73 — of the prosecutions were filed in Florida, which saw 25 completed. Pennsylvania followed, with 24 filings — though none were completed — then California, with 19 prosecutions initiated and three completed.

New York saw 11 filings and one completed prosecution, while Georgia had 10 filings and six completions. Eight filings were made in Ohio, which had two completed.

Some type of material misstatement, misrepresentation or omission that the underwriter or lender relied on to fund, purchase or insure a loan was involved in each mortgage fraud scheme, the FBI reportedly said.

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