The FBI classifies fraud as one type of financial crime. According to the FBI, mortgage fraud includes three different activities. What are the 3 activities and what is involved in each?
Where can i find what the 3 activities are?
To find just three activities, check your book. This site explains several different types of mortgage fraud.
http://www.fbi.gov/about-us/investigate/white_collar/mortgage-fraud/mortgage-fraud-overview
To find the three activities of mortgage fraud classified by the FBI, you can start by visiting the official website of the FBI. Here are the steps to follow:
1. Open your web browser and navigate to www.fbi.gov.
2. Once you are on the FBI homepage, use the search bar located at the top right corner of the page.
3. Enter "mortgage fraud" into the search bar and press Enter or click on the magnifying glass icon.
4. Browse through the search results to find relevant articles or pages related to mortgage fraud.
5. Look for articles or sections specifically mentioning the three activities involved in mortgage fraud.
Typically, the FBI provides detailed information about various types of financial crimes, including mortgage fraud, on their website. The specific activities involved in mortgage fraud may include:
1. Fraud for Profit: This refers to fraudulent activities conducted by individuals or organized groups to obtain money or property through illicit means from the mortgage lending or housing industry. Examples of fraud for profit may involve fake loan applications, exaggerated property appraisals, forged documentation, or straw buyers.
2. Fraud for Housing: In this type of fraud, borrowers intentionally provide false or misleading information on mortgage applications to obtain housing they may not otherwise qualify for. This could include lying about income, assets, or employment history to secure a mortgage loan.
3. Home Equity Conversion Mortgage (HECM) Fraud: HECM fraud specifically targets elderly individuals who are eligible for a reverse mortgage, which allows homeowners to convert their equity into loan proceeds. Fraudulent activities in this area may involve misleading advertising, inflated appraisals, or fraudulently obtaining funds intended for the homeowner.
By following the above steps and searching the FBI's website for mortgage fraud, you should be able to find more detailed information about the three activities involved.