Financial Crimes Enforcement Network Advisory: Guidance to Financial Institutions on Filing Suspicious Activity Reports regarding Loan Modification/Foreclosure Rescue Scams, April 06, 2009 [open pdf - 51KB]
"The Financial Crimes Enforcement Network (FinCEN) is issuing this advisory to highlight loan modification/foreclosure rescue scams so that financial institutions may better assist law enforcement when filing Suspicious Activity Reports. This guidance is consistent with the Department of the Treasury's broader efforts to ensure that U.S. financial institutions are not used as conduits for illicit activity, including loan modification/foreclosure rescue scams. In the current economic environment, many homeowners are encountering significant difficulty in making their mortgage payments, which has led to an increasing amount of fraud in the form of loan modification/foreclosure 'rescue' schemes that take advantage of those homeowners in desperate situations. Under the pretense of helping homeowners modify their mortgage obligations, these schemes result in the loss of money, equity and in many cases the home itself."
FinCEN Advisory FIN-2009-A001
Financial Crimes Enforcement Network: http://www.fincen.gov