Monday, March 16, 2009
News Georgia fourth in nation for mortgage fraud
Posted by Thomas Wheatley @thomaswheatley on Mon, Mar 16, 2009 at 8:38 PM
Rhode Island, Florida and Illinois top the list. The Washington Post reports:
Fraud jumped by 26 percent in 2008 from the previous year, the study concluded, based on data collected from roughly 70 percent of the nation's lenders as well as mortgage insurance companies and mortgage investors. The study was prepared by the Mortgage Asset Research Institute, an arm of LexisNexis, for the Mortgage Bankers Association.Next on the list were Illinois, Georgia and Maryland, which landed among the top 10 for the first time in the study's 11-year history and stood out as having the highest percentage of fraud on tax returns and financial statements. It shot up from the 15th slot in 2007.
"With fewer loan originations today, the data suggest that the economic downturn may have created more desperation, causing more people than ever before to try to commit mortgage fraud," said Denise James, one of the study's authors.
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