Freddie Mac is using "International Fraud Awareness Week," to help lenders and consumers spot and avoid the latest scams. Private and government analysts estimate mortgage fraud costs the industry and borrowers tens of billions of dollars a year. One incident of fraud alone costs a company a median of $145,000, according to estimates from the Association of Certified Fraud Examiners.
Freddie Mac's Financial Fraud Investigation Unit (FFIU) works across the country with law enforcement to probe suspicious activities, gather evidence, and work with prosecutors to bring fraudsters to justice. Freddie Mac investigators receive tips from lenders, consumers, law enforcement, and others.
You are critical to stopping mortgage fraud from happening. Fortunately, many mortgage frauds can be spotted by watching out for these red flags:
When you or someone you knows sees something suspicious, do something about it. E-mail Freddie Mac's Financial Fraud Investigation Unit at email@example.com or call Freddie Mac's Fraud Hotline 1-800-4FRAUD8 (1-800-437-2838).
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