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The Top 10 States for Mortgage Fraud

March 17, 2009 RSS Feed Print

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In a report released Monday, the Mortgage Asset Research Institute outlined the top ten states for mortgage fraud in 2008:

From the press release:

Reported incidents of mortgage fraud in the U.S. are at an all-time high and increased by 26 percent from 2007 to 2008 according to a new report released today by the Mortgage Asset Research Institute (MARI®), a LexisNexis® service…

The report found that, for the first time, Rhode Island ranked first in the country for mortgage fraud with more than three times the expected amount of reported mortgage fraud for its origination volume. This is also Rhode Island's first appearance on the MARI report Top-Ten list, indicating a problematic and overlooked mortgage fraud problem in the state. Florida, ranked first in 2007 and 2006, dropped to second place and is followed by Illinois, Georgia, Maryland, New York, Michigan, California, Missouri and Colorado. The report was presented during MBA's annual National Fraud Issues Conference in Las Vegas…

"With fewer loan originations today, the data suggests that the economic downturn may have created more desperation, causing more people than ever before to try to commit mortgage fraud," said Denise James, LexisNexis Risk & Information Analytics Group director of Residential Mortgage Solutions. "Not only are we seeing traditional fraud trends, such as application fraud, but we are also seeing new types of emerging fraud occur," said James. "It is therefore imperative that the mortgage industry continue to share information and insights, and collaborate in the fight against mortgage fraud."

Also from the report:

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soundtracks of AL 7:44AM July 17, 2009

Whatever-ism works, for a while then dies, and the next ism comes along a works for a while. Capitalism has worked for a very few for a lot of years almost 200 years. But what underpinned it? The answer; Free Slave Labor. What proped it up for almost the next hundred years? A Federal Reserve Banking system. Since free labor is gone, and the former slaves, and the next set of paid laborers, have helped to prop up the banking/credit systems, someone thinks that this trend can continue indefinitely. No way, Hosea! Someone better bail-out the people who are bailing out the banks and the big boys, or it all comes crashing down, sooner than we think. Someone better see how John Hanson bailed out America's first bankrupt government, and then make the proper adjustments, by investing in the masses of American workers.

Will of GA 2:40PM March 18, 2009

Mortgage Fraud is negligable compared to the churning of fee income by the big banks as they opened up guidelines to get more loans through and sold to the investment community all over the world. Get the facts. The president and congress encouraged this with their promoting the false notion that everone has a "RIGHT" to own a home. No they dont!
Now the big banks debts are forgiven and we the people get the priviledge of being their financial slaves to rebuild the integrity of the securitization system.
The PRIVATE CHARTER "U.S." Federal Reserve needs to be dismantled and restructered.

D Bloomburg of MD 9:10AM March 18, 2009

The Top 10 States for Mortgage Fraud

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