Los Angeles Times (08/26/08)
The Mortgage Asset Research Institute reports a 42-percent year-over-year increase in mortgage fraud nationwide during the first quarter, with almost 25 percent of such cases occurring in Florida. The report ranks California second for the most mortgage fraud; while Illinois, Maryland and Michigan tied for third. A majority of mortgage fraud cases involved improperly reported income, employment, debt and asset information; and MARI's Merle Sharick insists that such practices will not be curtailed by stricter credit standards alone. Over the past 10 years, the Mortgage Bankers Association reports $1 billion in losses associated with mortgage fraud.
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