Subprime Mortgage Fraud Continues?
“Subprime mortgage issues remain a key factor in influencing mortgage fraud directly and indirectly … during 2007 there were more than 2.2 million foreclosure filings reported on approximately 1.29 million properties nationally, up 75 percent from 2006,” the report said.
According to the FBI report, mortgage fraud is most concentrated in the north central region of the United States, and notes the top 10 mortgage fraud states include Florida, Georgia, Michigan, California, Illinois, Ohio, Texas, New York, Colorado, and Minnesota.
“Mortgage fraud continues to be an escalating problem in the United States. Although no central repository collects all mortgage fraud complaints, Suspicious Activity Reports (SARs) from financial institutions indicated an increase in mortgage fraud reporting,” the report noted.
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