Federal Mortgage Fraud Statistics
Every year, some individuals filing for assistance with their mortgages turn to fraudulent or illegal tactics to steal money from the government. Mortgage fraud can occur through several different means, from providing fraudulent credit reports to lying about the total number of occupants in the location. When it is able to track these figures, Fannie Mae, or the Federal National Mortgage Association, publishes regular reports on where and how this fraud is being committed.
For information regarding the False Claims Act and how it may be able to benefit your rights as a whistleblower, contact the qui tam lawyers of Tycko & Zavareei, LLP, at 202-973-0900 today.
National Mortgage Fraud Figures
The federal government offers a mortgage program through Fannie Mae primarily as a means to help Americans secure home-buying loans. However, certain individuals and families may not qualify for some loan programs, as the government needs to provide a reasonable cut-off for their loan program spending. As a result, some people resort to cheating the system to get their loans on the terms they prefer. The following types of misinformation or misrepresentation were most common through 2010:
- 27% of people lied about their liabilities
- 23% of people lied about their income
- 21% of people lied about how many people would be living at the location
- 9% of people lied about the property itself
- 8% of people provided a false Social Security number
These figures illustrate a significant increase in the number of people defrauding the government on the basis of how many people would be living at that property, which was measured at 15% the previous year.
Contact Us
If you have any helpful information regarding an instance of federal mortgage fraud, you could be eligible to file a suit under the False Claims Act. To learn more about your options as a whistleblower, contact the qui tam attorneys of Tycko & Zavareei, LLP, today by calling 202-973-0900.
