Q1 Mortgage Fraud Cases Rise
Reports of mortgage fraud rose 42 percent during the first quarter of 2008 compared to the same period in 2007, according to the latest quarterly report by Mortgage Asset Research Institute.
Florida topped the list of states with the most cases of reported mortgage fraud, followed by California. Illinois, Maryland and Michigan were tied for third.
The majority of reports submitted for Florida and California involved properties near the coastline. The majority of incidents in all states involved misrepresentations on the mortgage loan application, followed by income and employment.
