The Federal Bureau of Investigation is working on 1,200 mortgage fraud investigations, a 50% increase from the level recorded in fiscal year 2006, FBI Director Robert Mueller told a Senate panel. "Roughly half of these cases have losses in excess of $1 million, and several have losses greater than $10 million," Mr. Mueller testified. The FBI director also told the Senate Judiciary Committee that the FBI is working with the Department of Justice and several law enforcement and regulatory agencies to target "systematic" mortgage fraud. "Together, we will build on existing FBI intelligence databases to identify large-scale industry insiders and criminal enterprises conducting systematic mortgage fraud," the FBI director said.
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