FBI Director Robert Mueller on Wednesday described a “tremendous surge” in mortgage scam investigations that he said has diverted agents from other cases and is expected to keep growing.

At a Senate hearing, Mueller said the FBI is investigating an estimated 1,300 mortgage swindle cases - including 19 into sub-prime lending practices by U.S. financial institutions.

That’s up from three months ago, when FBI officials said they were investigating 14 companies for possible swindle or insider trading violations in connection with loans made to risky borrowers, and

investments spun off of those loans.

Post from: Reverse Mortgage Loan Blog

FBI sees surge in mortgage cheat investigations

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