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PRESS RELEASE
Fraud Index Improves
DALLAS -- (Oct. 1, 2007) The load of mortgage fraud cases eased in September -- though the dollar amount of those cases rose, according to the FraudBlogger Index created and maintained by http://www.MortgageDaily.com -- a dominant source of online news for the mortgage industry.
The FraudBlogger Index was 740 during September, declining from 770 during August and 820 in September 2006.
The dollar volume of active mortgage fraud cases tracked last month was $0.5 billion, compared to $0.2 billion the prior month and $0.5 billion a year earlier.
State Rankings and Index Level:
September
2007 |
August
2007 |
September
2006 |
| 1. |
Ohio |
170 |
| 2. |
Minnesota |
130 |
| 3. |
Florida |
110 |
| 4. |
Georgia & California (each) |
80 |
|
| 1. |
Ohio |
150 |
| 2. |
New York |
120 |
| 3. |
California |
100 |
| 4. |
Georgia |
50 |
| 5. |
Kansas and
Missouri (each) |
40 |
|
| 1. |
New York & California (each) |
110 |
| 2. |
Florida |
70 |
| 3. |
Pennsylvania |
60 |
| 4. |
Massachusetts |
40 |
|
|
National:
|
740
|
|
$ amount:
|
$489,830,000 |
|
|
National:
|
770
|
|
$ amount:
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$234,785,176 |
|
|
National:
|
820
|
|
$ amount:
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$509,291,336
|
|
A minimum of $100,000 was used for all cases tracked, including when no amount was available. The national total index is an aggregate of all state data.
Last month saw several cases in excess of $50 million -- including one for an estimated $150 million.
"Ohio was the big story last month," MortgageDaily.com publisher Sam Garcia said. "Ohio didn't even rank among the five worst states a year ago, and now it's been at the top for two consecutive months."
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. If there were no fraud activity tracked during a given month, the index would be zero. Except for the annual report projected for release in January 2008, monthly data may include some overlap but still provide a valuable perspective of the level of mortgage fraud activity.
About MortgageDaily.com
Founded in 1998, MortgageDaily.com is the dominant online news source for the mortgage industry. Around one million mortgage business news pages are viewed monthly at MortgageDaily.com and its affiliate publications.
CONTACT:
Shaun Bartlett
214.521.1300
3811-700 Turtle Creek Blvd.
Dallas, TX 75219
Source: MortgageDaily.com
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