California Ranks Fourth In Mortgage Fraud

From BizJournals.com:

The 2007 Mortgage Bankers Association report released Thursday rated Florida number one, Nevada two, then Michigan, California, Utah, Georgia, Virginia, Illinois, New York and Minnesota.

The most common types of fraud found last year involved employment history and claimed income. The amount of undisclosed and incorrect debt, liens and legal judgments increased 50 percent from 2006 to 2007.

"The current market conditions, compounded by mortgage fraud, are having a detrimental impact on our entire national economy," said David Kittle, chairman-elect of the MBA, in a news release. "The MARI report provides critical insight for those in the real estate finance industry to better understand the factors contributing to these circumstances so that our communities and member companies are protected."

The Mortgage Fraud Case Report is compiled by the Mortgage Asset Research Institute (MARI) for the Mortgage Bankers Association (MBA). The study looks at the current state of residential mortgage fraud in this country, based on subscriber reports to the institute.