Home Add to Favorite Contact Submit  
           04 March, 2024


    
Category:  Press » Finances

 

Mortgage Fraud Cases Jump 55%

Popularity:
         Views: 1618
2010-08-23 06:21:35     
MortgageDaily.com

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

Fulmer, who began fighting fraud in 1996 when a local fraud ring targeted homes in her Georgia neighborhood, speculated that the number cases has also escalated as the government sponsored enterprises have increased repurchase demands and the originators that are buying back the loans are discovering fraud through their own investigations.

California had the highest index: 283. Cases in the Golden State involved around $436 million in mortgages -- more than any other state.

State
Q2 2010 State Index
Q2 2010 State Amount

California
283
$435,833,116

Florida
213
$146,710,706

Pennsylvania
120
$263,550,000

New York
107
$80,651,000

Minnesota
93
$139,292,500

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

Specialized in: Mortgage News - Mortgage Industry News - National Mortgage News - Mortgage Loan News - Mortgage Rates News
URL: http://www.mortgagedaily.com/
Print press release      Bookmark this page
Related Press releases 
Investment And Wealth Creation (Popularity: ): This is because wealth building takes years of strategic financial planning as well as sustained investment and wealth creation efforts. At FBNQuest, we’re committed to helping our clients build and manage generational wealth through our excellent wealth advisory and management solutions. In this article, we will highlight the need for wealth planning and strategies you can leverage in wealth creation.Investment and Wealth Creation Wealth creation is a process of growing your ...
Ethical mutual funds (Popularity: ): FBNQuest Launches the FBN Halal Fund for Ethical Investing In a bid to provide investors with investment options that improve financial inclusion and align with ethical beliefs, FBNQuest Asset Management, a subsidiary of FBN Holdings recently launched the FBN Halal Fund.Regulated by the Securities and Exchange Commission (SEC), the FBN Halal Fund is an open-ended mutual fund designed to meet the needs of investors seeking long-term income generation, as it offers ...
Goldsmith & Company: Leading the Way in Financial Services with Expert Chartered Accountants in North London (Popularity: ): London UK, (press.abc-directory ) 11 May 2023 - Goldsmith & Company, a premier accounting firm, is proud to offer exceptional financial services with their team of expert chartered accountants in North London. By delivering tailored solutions to help businesses and individuals navigate the complexities of financial management, Goldsmith & Company has become a trusted partner for clients seeking expert advice and support.In today's ever-changing financial landscape, it is crucial for ...
Atlas Insurance Agency Discusses Hawaii Commercial Property Insurance (Popularity: ): Honolulu, Hawaii ( press.abc-directory.com ) October 10, 2022 - Atlas Insurance Agency, a Hawaii property and casualty insurance agency, has recently delivered an article discussing the basics of Hawaii commercial property insurance. This new informational resource was written by the insurance agents at Atlas to provide business owners in Hawaii with information about business property coverage that is unique to their state. The Atlas team is made up of experienced ...
Georgia Business Insurance Agency Releases a New Educational Resource on Commercial Auto Insurance (Popularity: ): Alpharetta, Georgia ( press.abc-directory.com ) August 4, 2021 - Southern States Insurance has recently released a new educational resource that discusses commercial auto insurance and the details of coverage. The new blog is guided by the Georgia commercial auto insurance experts at Southern States Insurance who have extensive experience helping those in the commercial auto industry get thorough and comprehensive coverage.Southern States Insurance offers readers some valuable information that helps ...


Related Business 
Stumpp & Bond, LLP (Popularity: ): Specializing in investment fraud, stock fraud, securities fraud, commodities fraud.
Girls Can Jump - Jump Training and Knee Injury Prevention (Popularity: ): Jump training and knee injury prevention advice, for female athletes -basketball, volleyball, soccer. Scientific how to jump information.
Securities Fraud Attorney (Popularity: ): If you're looking for a securities fraud attorney, contact Douglas Stone. With years of experience as a securities arbitration attorney in New York, he can help. Our securities arbitration attorneys provide clients with the expert services large law firms boast about - without going through a complex bureaucratic system that delays or complicates cases.
Cases Cases (Popularity: ): Shipping cases, 19" rackmount cases, military cases, Laptop, plasma display, computer, carry cases, ATA and Road cases
Securities Fraud Attorney (Popularity: ): Securities fraud is a type of fraud that encourages investors to purchase securities, stocks or other investments under false pretenses. This type of fraud can occur when the companies and agents acting for the companies encourage fraud to occur. Investors typically make a purchase decision based upon false or misconstrued information and often lose large amounts of money.
PC Investigations, Inc. (Popularity: ): Lawrenceville, GA, office specializes in insurance fraud and criminal cases.
Fraud-Aid - First aid for fraud victims (Popularity: ): Free online fraud victim assistance and education.
TransUnion LLC. (Popularity: ): If you are concerned about becoming a victim of fraud or identity theft, or suspect that you might be, a Fraud Alert can make it more difficult for someone to get credit in your name. It tells creditors and lenders to follow certain procedures to protect you. Once a Fraud Alert has been placed, you can choose to remove it anytime online.
Tollefson Law Office (Popularity: ): Lynnwood attorney representing investors and consumers in fraud cases.
Pennsylvania Insurance Fraud Prevention Authority (IFPA) (Popularity: ): Works to eliminate fraud in the insurance industry. Site describes types of fraud, and offers consumer information and Pennsylvania statistics.