Kenneth Kaiser, FBI assistant director for the Criminal Investigative Division, said the FBI has developed an initiative focused on subprimemortgageloan fraud and is working with investigators from other federal agencies.
One cause was the continuing deterioration of loan performance as mortgage rates have risen: almost one in five subprime mortgages are now delinquent by more than 30 days or in foreclosure.
Others allegedly were steered into costly subprime loans, even though they could have qualified for a prime mortgage, the type of loan offered to borrowers with the best credit histories.