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Fifth Third Bancorp Seeks Criminal Investigation of Mortgage Fraud

Amid allegations of a fraud conspiracy involving bank employees, title companies, appraisers and others involved in the mortgage process in the affluent suburbs of Detroit, Michigan, Fifth Third Bancorp has stepped forward to request that authorities launch a full blown criminal investigation into the alleged activities.

On Friday, October 6, the Detroit News reported that several of the Fifth Third's employees had resigned while others were fired outright. After an initial mortgage fraud case landed Fifth Third in court last year, the company subsequently announced that its own internal investigations had uncovered eleven other instances of questionable or openly fraudulent dealings.

By August the company was being sued by 44 individuals for damages in excess of $10.8 million for fraudulent activities in at least seven real estate transactions. The banking company, based out of Cincinnati with offices in Detroit's Southfield suburb has been open and forthcoming in addressing the allegations of fraud.

The vice president for marketing at Fifth Third in eastern Michigan, Jack Riley, said, "We've definitely gone to the authorities. We're going after justice." After conducting its own internal audit of suspicious dealings, Fifth Third stepped forward and asked for the authorities to become involved.

In documents files with the Oakland Circuit Court, Fifth Third characterized itself as the victim of a recently discovered "extensive fraudulent mortgage loan scheme." According to the bank's own documents, those involved in the fraudulent activities received mortgages as high as $1 million over and above the assessed value of the properties in question.

In its annual report Fifth Third Bancorp lists assets worth approximately $106 billion. The company operates nineteen affiliates with locations in eleven states including Michigan, Ohio, Kentucky, Indiana, Illinois, Florida, Tennessee, West Virginia, Pen nsylvania, and Missouri. This latest case is but one of numerous mortgage fraud incidents coming to light across the United States making such fraud one of the fastest growing crimes in America.




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It is important to think about various mortgage interests for tax deductions. In addition to working with a tax professional you can make use of the tips given below. Keep track of the interest rates you pay at the mortgage company.
Analysis on the mortgage interest rates and home
loan rating matters in tax benefits.

Mortgage calculator helps you estimate the interest rates on loans
which help you in calculating the tax deductions.



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