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Billions in Mortgage Fraud Schemes - II
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Mr. Schiff: You have to be careful out there because mortgage fraud is running wild…

Mr. Weber: "If it sounds too good to be true, it probably is.”

Mr. Schiff: Special Agent Brian Weber of the FBI’s Criminal Investigation Division. He says the FBI has more than 2,000 mortgage fraud cases, including a big one in the San Diego area where some 20 people were arrested.

Mr. Weber: "It involved over 220 properties in California.”

Mr. Schiff: The FBI works closely with the IRS.

Mr. Weber: "Estimates on mortgage fraud in the United States go up into the billions of dollars lost.”

Mr. Schiff: Weber says you need to check with real estate professionals, friends, and relatives and know the actual value of the property you may buy.

Mr. Weber: "Be extremely wary of strangers or unsolicited offers for help, people who come to you to offer you assistance.”  

Mr. Schiff: Weber says hundreds were arrested for mortgage fraud in fiscal year 2008.  

Mr. Weber: "We also obtained 330 convictions.”  

Mr. Schiff: If you think you are scammed, call the FBI. More on the Internet at I’m Neal Schiff of the Bureau, and that’s what’s happening at the “FBI, This Week.”

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