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Search mortgage fraud news by keyword.
News, analysis and statistics about mortgage fraud.
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PRESS RELEASE
Mortgage Fraud Cases Jump 55%
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DALLAS -- (Aug. 23, 2010) /PRNewswire/ A big surge in the number of active mortgage fraud cases helped push the Second Quarter 2010 FraudBlogger.com Index higher. The heavier caseload follows increased efforts by the Obama administration to prosecute mortgage crimes.
The mortgage fraud index, which is published by MortgageDaily.com based on activity tracked at the mortgage fraud blog FraudBlogger.com, was 1699. The index was higher than the prior quarter's 1144 and also elevated from a year earlier.
The highest level for the FraudBlogger.com Index was 2790 in the fourth-quarter 2008.
The index reflects both the number and dollar amount of active mortgage fraud cases. The latest index was impacted by a surge in active cases as the administration's Operation Stolen Dreams targeted mortgage fraud activity.
"The government's push to bring mortgage fraudsters to justice is certainly welcome, but the cases brought to date represent only the tip of the iceberg in terms of how much fraud was actually committed during the real estate boom," according to Ann Fulmer, vice president business relations at Interthinx. "It's sobering to know that only a small minority of cases are ever prosecuted, and it ought to serve as a reminder that the industry must protect itself by focusing on prevention."
| Period |
U.S. FraudBlogger.com Index |
Amount |
# Cases |
| Q2 2010 |
1699 |
$2,248,657,052 |
266 |
| Q1 2010 |
1144 |
$1,920,057,275 |
172 |
| Q2 2009 |
1323 |
$1,609,569,347 |
195 |
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Full FraudBlogger.com Index report:
http://www.mortgagedaily.com/FraudIndex.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, http://www.MortgageDaily.com provides online mortgage news and analysis for the mortgage industry. Around 1 million news pages are viewed monthly at MortgageDaily.com and its affiliate publications.
CONTACT:
SamGarcia@MortgageDaily.com
214.521.1300
3811-700 Turtle Creek Blvd.
Dallas, TX 75219
Source: MortgageDaily.com
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