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subscribers read full Q3-2011 Mortgage Fraud Index report
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PRESS RELEASE
California Claims #1 Mortgage Fraud Ranking
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DALLAS -- (Dec. 13, 2011) /PRNewswire/ Activity climbed on mortgage fraud cases being prosecuted in California, leaving the state with more fraud than any other. New York also saw acceleration, while Florida's mortgage fraud index topped the list and Minnesota remained prominently perched among the worst locales. But as a whole, the country's case activity was slower.
The Third-Quarter 2011 Mortgage Fraud Index from MortgageDaily.com came in at 1170. The index represents activity on civil and criminal cases. Victim lenders were deceived by fraudulent documentation or inflated appraisals. Cases were tracked from the mortgage fraud blog FraudBlogger.com.
"The Mortgage Fraud Index reflects current efforts by law enforcement officials to prosecute defendants who typically committed mortgage fraud three to five years ago," said Mortgage Daily founder and Publisher Sam Garcia said. "Many of the recently opened cases were uncovered by mortgage bankers who were forced to repurchase the loans."
The index fell 7 percent from the second quarter but climbed 16 percent from a year earlier.
On a dollar basis, the aggregate balance of mortgage fraud cases was $1.3 billion -- lower than the second quarter and the third-quarter 2010.
Index by Quarter
| Period |
Index |
Amount |
# Cases |
| Q3 2011 |
1173 |
$1,333.189,232 |
175 |
| Q2 2011 |
1261 |
$1,587,573,586 |
194 |
| Q3 2010 |
1007 |
$1,850,531,120 |
151 |
The number of cases with activity in Florida climbed, giving it the worst state fraud index. California had the second-highest index, followed by Minnesota.
Top States by Index
|
ST
|
Index
|
| FL |
170 |
| CA |
153 |
| MN |
70 |
| NY |
63 |
| TX |
60 |
Based solely on the dollar amount of cases with third-quarter activity, California's $204 million was highest. New York was a close second, while Minnesota maintained its standing among the five-worst states.
Top States by Total Amount
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ST
|
Amount |
| CA |
$204,273,490 |
| NY |
$199,600,000 |
| FL |
$144,320,669 |
| SC |
$108,978,654 |
| MN |
$76,400,000 |
"While mortgage fraud has historically been more prevalent in states hit hard by the housing crisis, Minnesota and New York -- two states that have not suffered as badly from foreclosures -- have recently emerged as active states for prosecutors," Mr. Garcia added. |
Full Third-Quarter 2011 Mortgage Fraud Index report:
www.mortgagedaily.com/FraudIndex121311.asp
Mortgage Fraud News:
http://www.mortgagedaily.com/MortgageFraud.asp?spcode=pr
Mortgage fraud Blog:
http://www.FraudBlogger.com
About MortgageDaily.com
Founded in 1998, MortgageDaily.com is a dominant online source of news, statistics and analysis for the mortgage industry. Visit us online at http://www.MortgageDaily.com.
CONTACT:
Holly Himelright
NewsAlert@MortgageDaily.com
214.521.1300
Source: MortgageDaily.com
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Mortgage Lawsuits News | Mortgage Litigation Index
Mortgage industry lawsuit news and mortgage litigation coverage. Stories about legal settlements, judgments and mortgage class actions.
Mortgage Litigation Webinar
On May 30, Mortgage Daily is hosting the webinar, The Explosion in Residential Mortgage Litigation: What Explains the Recent Trends and Spike in Filings?. Attorneys from Ballard Spahr LLP's mortgage banking group will discuss the record-setting numbers in all areas of residential mortgage litigation.
read more | register for webinar
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