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PRESS RELEASE
FraudBlogger Index Soars
DALLAS -- (Sept. 25, 2007) Monthly mortgage fraud activity soared during August, according to a new mortgage fraud index created by http://www.MortgageDaily.com and utilizing data from FraudBlogger.com -- a related comprehensive journal of mortgage fraud reports, crimes and civil litigation.
The FraudBlogger Index was 770 during August, rising from 510 in July. The index was 700 in Aug. 2006.
If there were no fraud activity tracked during a given month, the index would be zero.
The index reflects active criminal and civil mortgage fraud cases tracked by FraudBlogger.com. Cases involving larger dollar amounts are given greater value in the index. Except for the annual report, which is projected to be released in Jan. 2008, monthly data may include some overlap but still provides a valuable perspective of the level of fraud activity during a given period.
The dollar volume of active mortgage fraud cases was $0.235 billion in Aug. 2007, compared to $1.252 billion the prior month and $0.184 billion the prior year. July's volume reflects one exceptionally large case.
State Rankings and Index Level:
August
2007 |
July
2007 |
August
2006 |
| 1. |
Ohio |
150 |
| 2. |
New York |
120 |
| 3. |
California |
100 |
| 4. |
Georgia |
50 |
| 5. |
Kansas and
Missouri (each) |
40 |
|
| 1. |
New York |
150 |
| 2. |
California |
120 |
| 3. |
Florida |
100 |
| 4. |
Georgia |
50 |
| 5. |
Minnesota |
40 |
|
| 1. |
Florida |
150 |
| 2. |
Illinois |
120 |
| 3. |
Pennsylvania |
100 |
| 4. |
New York |
50 |
| 5. |
Georgia |
40 |
|
|
|
510 |
700 |
A minimum of $100,000 was used for all cases tracked including when no amount was available. The national total index is an aggregate of all state data.
"With strong home appreciation during the preceding decade, a big share of mortgage fraud was never uncovered," said Sam Garcia, publisher of MortgageDaily.com and creator of Fraudblogger.com. "But now, with no cushion of equity, we'll start to see a bigger share of fraud activities uncovered."
Complete mortgage fraud activity is comprehensively chronicled at:
http://www.FraudBlogger.com
In depth mortgage industry fraud issues are reported at:
http://www.MortgageDaily.com/MortgageFraud.asp?spcode=pr
About MortgageDaily.com
Founded in 1998, MortgageDaily.com is the dominant online news source for the mortgage industry. Around one million mortgage business news pages are viewed monthly at MortgageDaily.com and its affiliate publications.
CONTACT:
Shaun Bartlett
214.521.1300
3811-700 Turtle Creek Blvd.
Dallas, TX 75219
Source: MortgageDaily.com
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