New trend: mortgage fraud is financial crime’s rising star in the US – what is the impact on the Asian market?

The financial crisis has led to an increase in mortgage fraud, according to the FBI’s latest report. Financial criminals have exploited the economic downturn and enlisted the help of mortgage professionals to give loans worth up to $10bn based on fraudulent documentation. Illegal property flipping, builder bailout schemes and foreclosure rescue are cited as channels used to perpetrate fraud. Should compliance officers in Asia be on the look out for the proceeds of loan fraud?


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