PRESS RELEASE
Mortgage Fraud Index Jumps
DALLAS -- (April 15, 2008) Mortgage fraud surged in several states -- lifting the first quarter FraudBlogger Index higher. The index is published and maintained by http://www.MortgageDaily.com.
The adjusted FraudBlogger Index was 713 during the first quarter, rising from 600 during the fourth quarter 2007. A year earlier, the adjusted index stood at 510.
Just over $1.0 billion in fraud cases were tracked during the latest period, climbing from $0.7 billion in the fourth quarter but well off $1.8 billion in the first quarter 2007.
1st Quarter Index Comparison:
|
--
|
Q1 2008
|
Q4 2007
|
Q1 2007
|
| Adjusted Index |
713
|
600
|
510
|
| Dollar Amount |
$1,005,318,015
|
$708,365,613
|
$1,822,922,774
|
Based on activity by state, activity jumped the most in Florida, Ohio and Georgia. Texas also took a turn for the worse.
Ranking By State:
|
Rank
|
State
|
Dollar Amount
|
Adjusted
Index
Value
Q1 2008
|
Adjusted
Index
Value
Q4 2007
|
Adjusted
Index
Value
Q1 2007
|
| 1. |
Florida |
$103.7 million |
107 |
60 |
23 |
| 2. |
Ohio |
$109.8 million |
90 |
30 |
77 |
| 3. |
Georgia |
$163.8 million |
57 |
40 |
40 |
| 4. |
Texas |
$15.0 million |
47 |
17 |
20 |
| 5. |
Pennsylvania |
$19.7 million |
40 |
20 |
3 |
"While we saw a drop in the dollar amount of mortgage fraud tracked when compared to a year ago, all other indicators worsened," MortgageDaily.com Publisher Sam Garcia said. "By state, the level of mortgage fraud activity has more than doubled in Texas when compared to the prior quarter and a year earlier."
The complete report, including the fraud index level and dollar volume for each state is available to MortgageDaily.com subscribers at:
http://www.MortgageDaily.com/FraudIndex041508.asp
Complete mortgage fraud activity is comprehensively chronicled at:
http://www.FraudBlogger.com
In depth mortgage industry fraud issues are reported at:
http://www.MortgageDaily.com/MortgageFraud.asp?spcode=pr
About the FraudBlogger Index
The index reflects active criminal and civil mortgage fraud cases tracked by FraudBlogger.com -- a comprehensive journal of mortgage fraud reports, crimes and civil litigation. Cases involving larger dollar amounts were given greater weight. No fraud activity tracked during a given month would result in an index of zero.
About MortgageDaily.com
Founded in 1998, MortgageDaily.com is a dominant mortgage industry news source. Around one million mortgage business news pages are viewed monthly at MortgageDaily.com and its affiliate publications.
CONTACT:
Sam Garcia
214.521.1300
3811-700 Turtle Creek Blvd.
Dallas, TX 75219
Source: MortgageDaily.com
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