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News, analysis and statistics about mortgage fraud.
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PRESS RELEASE
Mortgage Fraud Climbs to New Heights
FraudBlogger Index Reveals New Limits
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DALLAS - (Feb. 9, 2009) Mortgage fraud reached a new high last year, according to the FraudBlogger Index published by MortgageDaily.com. Quarterly activity more than doubled from the prior period and was nearly 300 percent higher than a year earlier.
During 2008, more than $5 billion in mortgage fraud cases were tracked by FraudBlogger.com. Fraud rose from $4 billion the prior year and was the highest yet since MortgageDaily.com launched the FraudBlogger Index in 2006.
The index, which reflects a combination of the number of cases and the dollar volume, was 1488 last year, rising from 607 in 2007.
| Year |
Dollar Amount
(adjusted) |
Index
(adjusted) |
| 2008 |
$5,375,718,679 |
1488 |
| 2007 |
$4,004,127,260 |
607 |
The annual index is an average of the quarterly indices, while the dollar volume is the aggregate of all four quarters less cases tracked in more than one quarter.
| Period |
Dollar Amount |
Index |
| Q4 2008 |
$2,682,060,476 |
2790 |
| Q3 2008 |
$1,084,579,856 |
1220 |
| Q4 2007 |
$708,365,613 |
600 |
"Mortgage fraud activity that might have otherwise gone undetected was uncovered as falling home prices and rising defaults pushed these crimes to the surface," said MortgageDaily.com Publisher Sam Garcia. "Although fraud is being uncovered at an increasing pace, the actual level of fraud on more recent originations has likely tumbled as production has dwindled and lenders have tightened guidelines."
California jumped to the top of the quarterly state rankings, with more than $1 billion in fraud tracked. Much of the increase was tied to around 11,000 mortgage fraud investigations reported by the U.S. Attorney in San Francisco.
A newcomer to the top-10 state ranking was New York -- where nearly $375 million in fraud cases were tracked.
Q4 Ten Worst States
by Dollar Volume
| State |
Index |
Dollar Amount |
| California |
1743 |
$1,095,840,000 |
| New York |
230 |
$374,334,000 |
| Florida |
213 |
$344,634,286 |
| Minnesota |
43 |
$208,300,000 |
| Nevada |
27 |
$101,200,000 |
| Virginia |
37 |
$77,213,822 |
| Texas |
53 |
$70,000,000 |
| Colorado |
37 |
$50,800,000 |
| Ohio |
80 |
$41,469,500 |
| Pennsylvania |
27 |
$40,800,000 |
The complete third-quarter FraudBlogger Index report can be found at:
MortgageDaily.com/FraudIndex020909
Prior FraudBlogger Index data is available at:
MortgageDaily.com/FraudIndex
Complete mortgage fraud news coverage is at:
MortgageDaily.com/MortgageFraud
About MortgageDaily.com
Founded in 1998, MortgageDaily.com is a 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:
Paula Parisot
PaulaParisot@gmail.com
810.627.9138
3811-700 Turtle Creek Blvd.
Dallas, TX 75219
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