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State And Regional Statistics (continued)

Suspicious Activity Reports (SAR) information for fiscal year 2007 show the regions of the United States where suspicious activity concerning mortgage fraud that occurs most often. The Regions are listed below from highest to lowest: 
  • Western – 37%
  • Southeastern – 23%
  • North Central – 19%
  • Northeastern – 12%
  • South Central – 9%
Interesting to note though is the difference in mortgage fraud cases handled by the FBI versus where suspicion lies. Listed below are the case percentages processed by the FBI: 
  • North Central – 29%
  • Western – 24%
  • Southeastern – 21%
  • South Central – 17%
  • Northeastern – 9%
Many of the mortgage fraud schemes are perpetrated by industry insiders and the FBI is focusing their efforts on those insiders. Ohio Lemon Law estimates that 80 percent of all mortgage fraud is completed by these insiders. The FBI figures confirm this statistic.  
Fannie Mae recently released statistics on mortgage fraud from March 2009. The top four distributions by misrepresentation type are listed below: 
  • 2008 Originations               2007 Originations
  • Liabilities – 33%                  Liabilities – 30%
  • Income – 33 %                     Income – 27%
  • Occupancy – 14%              Occupancy – 16%
  • Assets – 8%                         Assets – 2%                        
  • Property – 4%                      Property – 10%
The top five distributions that had misrepresentation findings by geography are listed below: 
  • 2008 Originations               2007 Originations
  • Jonesboro, GA                    Detroit, MI
  • Detroit, MI                             Atlanta, GA
  • Jamaica, NY                         Phoenix, AZ
  • Atlanta, GA                           Chicago, IL
  • Miami, FL                              Orlando, FL, in a very informative article about mortgage fraud, provides the following staggering statistics: 
  • Mortgage fraud was 30% higher in 2006 than 2005
  • Employment, income, and occupancy are the highest fraud categories
  • Mortgage fraud was 10 times more omnipresent than credit card fraud in 2006
What do all of these statistics show? 
Mortgage fraud is a HUGE concern for everyone. Even though the FBI is investigating some of the cases, even they admit the statistics are under-reported due to the current regulations regarding fraud reporting.
Protect yourself as a consumer and make sure you familiarize yourself with common mortgage fraud techniques. Additionally, learn who is reputable in your town or city and use their services instead of one who may be less than honest in their dealings.   

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