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PRESS RELEASE
Mortgage Fraud Index Doubles
Q1 2009 FraudBlogger Index at 1427
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DALLAS -- (April 27, 2009) The FraudBlogger Index, a measure of mortgage fraud case activity, has doubled from a year ago. The index is published by MortgageDaily.com based on mortgage fraud cases tracked by FraudBlogger.com.
The index climbed to 1427 during the first quarter, up 100 percent from the same period a year earlier. But compared to the fourth quarter, the FraudBlogger Index tumbled 49 percent.
The latest index reflected $1.5 billion in mortgage fraud cases for which some activity was tracked during the period.
| Period |
U.S. Index |
Dollar Amount |
| Q1 2009 |
1427 |
$1,528,763,071 |
| Q4 2008 |
2790 |
$2,682,060,476 |
| Q1 2008 |
713 |
$1,005,318,015 |
Around $300 million in open cases helped push Utah's state index higher than any other. The second highest state index was in Texas, followed by Florida, Pennsylvania and Minnesota.
By dollar amount, Florida trailed Utah, then Minnesota, Pennsylvania and New York.
Among notable cases was one where a California mortgage broker admitted he originated $1 billion in fraudulent loans throughout six states. He was caught at the Canadian border with $70,000 stuffed in his boots.
Another California broker was accused of using the social security numbers of 25 children.
One Maryland mortgage broker used some of the proceeds from more than $30 million in fraudulent loans for her $800,000 wedding headlined by Patti LaBelle.
A Texas woman convicted for leading a $3 million scheme was sentenced to 99 years in prison. Her husband, sister and daughter were indicted.
In Minnesota, a bank vice president plead guilty to forging her husband's name on a $200,000 mortgage.
An FDIC executive recently testified that one straw buyer was given a suitcase with $10,000 in cash for closing on an IndyMac loan.
A city councilman in Pennsylvania pleaded guilty to helping his daughter commit fraud.
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State
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Q1 2009
Adjusted
Index Level
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Q1 2009
Dollar
Amount
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| Utah |
360 |
$300,000,000 |
| Texas |
190 |
$63,670,000 |
| Florida |
140 |
$267,613,000 |
| Pennsylvania |
77 |
$104,246,350 |
| Minnesota |
50 |
$148,200,000 |
The complete first-quarter FraudBlogger Index report can be found at: MortgageDaily.com
Prior FraudBlogger Index data is available at: MortgageDaily.com/FraudIndex042709
Complete mortgage fraud news coverage is at: MortgageDaily.com/MortgageFraud
About MortgageDaily.com
Founded in 1998, MortgageDaily.com is a dominant online mortgage news source for the mortgage industry. Around one million mortgage business news pages are viewed monthly at MortgageDaily.com and its affiliate publications.
SOURCE: MortgageDaily.com
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