Posted on Wednesday, December 1, 2010
Florida may not lead the nation in job growth, high school graduation rate or even college football, but it is tops for one measure: mortgage fraud.
MortgageDaily.com gave Florida the highest third quarter score on its Mortgage Fraud Index, which tracks criminal and civil cases across the country. Florida’s fraud index score of 143 easily surpassed No. 2 California, with 100, and more than doubled No. 3 New York, with 70.
In real dollars, there were $110 million in mortgage fraud accusations levied in Florida.
Many of those mortgage fraud busts have gone down in South Florida, including some fueled by fraudulent loan applications and straw buyers.
In some cases, mortgage brokers and title agents were swept up.
The filing of mortgage fraud lawsuits slowed nationwide – to 151 cases in the third quarter from 266 in the second quarter. They declined in Florida, as well.
Florida has been on quite a roll lately, for all the wrong reasons. It also led the nation in mortgage delinquency.
- by Brian Bandell