Mortgage Fraud; OFAC Guidance
Yesterday, FinCEN released its latest mortgage fraud analysis. In short, SARs filed on suspected mortgage fraud increased 44 percent in the 12 months ending in June 2008.
(Great. More bad news. One of these days, NBC news will lead with this shocker: Today, no depressing, dismal news to report. Now, on to Sports. Unfortunately, today is not that day.)
Access the FinCEN report here. If your credit union does mortgage lending, this would be a good read.
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OFAC has issued an FAQ regarding financial institutions' obligations with regard to property that is owned, directly or indirectly, 50% or more by persons whose property and property interests in property are blocked pursuant to an Executive Order or regulations administered by OFAC. Access it here.
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