MichiganRadio

Mortgage Fraud "A Huge Problem" In Michigan DETROIT, MI (Michigan Radio) - Members of President Obama's Financial Fraud Enforcement Task Force were in Detroit for a Mortgage Fraud Summit Friday.

The multi-agency Task Force was formed last year. Its job is to investigate and punish financial crimes, including mortgage fraud.

Detroit U.S. Attorney Barbara McQuade says the Task Force must be "proactive" because mortgage fraud "morphs constantly."

"The task force wants to identify emerging trends, not just respond to yesterday's fraud schemes," McQuade says. "We try to listen to the community and identify the new fraud schemes that are emerging, so that we can try to stay one step ahead of the criminals who are perpetrating these crimes."

McQuade says loan modification and foreclosure prevention fraud schemes are becoming more common.

Treasury Department data ranks Michigan 8th among all states in cases of suspected mortgage fraud.
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