Spotlight on Mortgage Scams Could Lead To Mandatory Re-porting Tasks for Lenders
October 14, 2004
The financial services industry is at risk if mortgage fraud isn’t controlled, said an official with the Federal Bureau of Investigation, who proposed that the industry adopt a mandatory reporting system to keep these crimes in check. “If a reporting mechanism is required, we could identify schemes and address them quicker,” said Chris Swecker, assistant director of the criminal investigative division at the FBI, at a hearing before the House Financial Services Subcommittee on Housing…