Real estate hasn't yet turned the corner. The top five states for mortgage fraud for the first three months of 2008 according to the Mortgage Asset Research Institute:
1. Florida
2. California
3. Illinois
4. Maryland
5. Michigan
The last three are actually in a three-way tie. The report went on to say.
The first quarter data reveals that loan application misrepresentation continues to plague the industry. According to the FBI’s 2007 Mortgage Fraud Report, “the downward trend in the housing market provides an ideal climate for mortgage fraud perpetrators to employ a myriad of schemes suitable to a down market.” 4 Simply stated, mortgage fraud will not disappear — in fact, it is expected to significantly grow, evolve and penetrate new areas within the industry.
Do you really want to dip your toes in financials still? For more information about mortgage fraud, check out attorney and mortgage banker Rachel Dollar's Mortgage Fraud Blog.
No comments:
Post a Comment