FBI Instructs Lenders to Retain Records for Longer Periods
In order to make the prosecution of fraudulent lenders an easier task, the Federal Bureau of Investigation has recently called on Congress to enact legislation which would require lending institutions to retain all records for at least a ten year period.
A major problem that currently exists is that at least one half of the originating organizations which granted subprime mortgages in 2006 alone have gone out of business. Unfortunately all their records have disappeared along with the company.
The FBI currently has over two hundred fifty agents who are assigned to the investigation of mortgage fraud.