| Third Quarter 2011 Mortgage Fraud Index 1173
Dec. 13, 2011 By MortgageDaily.com staff
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| Activity climbed on cases being prosecuted in California for mortgage fraud, leaving the state with more mortgage 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 five-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 alleging that lenders were deceived into making credit decisions on mortgage or short-sale transactions. Victim lenders are deceived by fraudulent documentation or property appraisals with false values. Cases are 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. “Many of the recently opened cases were uncovered by mortgage bankers who were forced to repurchase the loan.” 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
The number of cases to see activity in Florida climbed, giving the state the worst state fraud index. California has the second-highest index, followed by Minnesota. Top States by Index
Based solely on the dollar amount of cases with third-quarter activity, California’s $204 million was the highest balance of cases. 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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