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Mortgage Fraud Rises on Fewer Loan Applications

While there were fewer loan applications in the second quarter of 2008 compared to a year ago, reported cases of mortgage fraud in the U.S. jumped by 45 percent, according to a new report by the Mortgage Asset Research Institute. Nearly two-thirds of fraud cases (65 percent) involved general application misrepresentation (such as name, occupancy or asset misrepresentation), 36 percent were related to income and 20 percent involved employment. The report also finds that most fraud occurs at the beginning of the mortgage loan application process.

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