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Florida Leading The Way In Mortgage Fraud
November 1st, 2006 categories: Tampa Real Estate, Tampa Florida Real Estate, Tampa Market Conditions, Mortgage Rate Watch
No big surprise here with the recent headlines of a local agent and her team that systematically paid well over asking price, got the inflated loan, paid the seller and pocketed the rest. All allegedly of course. But yes, according to Fannie Mae, Florida is at the top of the list for mortgage fraud on loans originating in 2005-2006. Florida recently stole the crown from Georgia, the leader in 2003-2004 mortgage fraud.
So what kind of fraud is perpetrated across the state? According to Fannie Mae’s September report, income fraud accounted for 26% of the reported cases. Income fraud occurs when the borrower’s income and/or employment information is inflated or fabricated.
Next in line is liability fraud (16%), or a misrepresentation of a borrower’s liabilities. (See the full report)
Florida has consistently been one of the top 10 states for mortgage fraud in the last 7 years according to Fannie Mae. Rachel Dollar, who runs a blog on mortgage fraud, has a long list of recent posts of incidents in Florida. Seeing that she is in the business of mortgage fraud services and solutions, I’ll bet business is good.
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