Law enforcement officials say there are fewer cases of mortgage fraud in Iowa than elsewhere in the nation. But, state and federal authorities are combining resources to crack down on the ones that are out there. Weyson Dun, a special agent with the F.B.I. in Omaha, says mortgage fraud is a small but serious problem in Iowa.
“In the past year, in the Southern District of Iowa, we’ve had 15 indictments or convictions,” Dun said. “I believe it’s 15 people who have been charged and nine have already pled or been convicted of crimes related to mortgage fraud.” The F.B.I. is joining the offices of the U.S. Attorney, the Iowa Attorney General and others in what they’re calling the Iowa Mortgage Fraud Working Group to go after those who commit mortgage fraud.
“As we speak now, the F.B.I. currently has 21 pending mortgage fraud cases in Iowa involving roughly 50 individuals and accounting for estimated losses of 32-million dollars,” Dun said at a press conference today in Des Moines. He says 80% of the mortgage fraud crimes committed nationwide are by industry insiders who falsely inflate the value of property or otherwise submit misinformation.