What is the FBI doing investigating these schemes and preventing people from becoming victims?
I mean, this is a big problem, you said several thousand cases nationally? Mr. Weber: “Yes, that’s correct. The FBI right now is investigating over 2,100 mortgage fraud cases. These are individual cases being investigated throughout the FBI at all of our field offices, and we investigate the cases with our law enforcement partners both on the federal, state, and local level .” Mr. Schiff: Over 2,000 cases. Any estimate of the amount of money involved? Mr. Weber: “Estimates on mortgage fraud in the United States go up into the billions of dollars lost through mortgage fraud .” Mr. Schiff: Taking a look at a chart prepared by the FBI’s Financial Crimes Section in the Criminal Investigative Division, pending mortgage fraud cases have grown steadily. In 2003, there were more than 400 pending cases; in 2004 about a hundred more; then in 2005, the number was over 700; nearly 900 in 2006; over 1,200 in 20007; and the number of pending mortgage fraud cases the FBI was working in 2008 was more
