The number of mortgage fraud cases dropped in 2012 — the first decline since the U.S. Treasury Department began tracking fraud in 2002.
The department’s Financial Crimes Enforcement received 69,277 mortgage loan fraud suspicious activity reports in 2012, 25 percent fewer than in 2011.
That majority of the suspicious activity with mortgages occurred during the final years of the housing crisis. Fifty-seven percent of the fraud reported in 2012 involved mortgages that originated in or before 2007. In 2011, that percentage stood at 58 percent of loans originated in or prior to 2007.
The state with the highest number of mortgage fraud cases is California, which also had the highest incidence of fraud in 2011 as well. Nevada, Florida, Arizona, and the District of Columbia rounded out the top five.
Source: “Feds See a Decline in Mortgage Fraud for the 1st Time,” Credit.com (Aug. 23, 2013
The department’s Financial Crimes Enforcement received 69,277 mortgage loan fraud suspicious activity reports in 2012, 25 percent fewer than in 2011.
That majority of the suspicious activity with mortgages occurred during the final years of the housing crisis. Fifty-seven percent of the fraud reported in 2012 involved mortgages that originated in or before 2007. In 2011, that percentage stood at 58 percent of loans originated in or prior to 2007.
The state with the highest number of mortgage fraud cases is California, which also had the highest incidence of fraud in 2011 as well. Nevada, Florida, Arizona, and the District of Columbia rounded out the top five.
Source: “Feds See a Decline in Mortgage Fraud for the 1st Time,” Credit.com (Aug. 23, 2013
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