PRESS RELEASE
Fraud Index Jumps
DALLAS — (Nov. 1, 2007) Activity on civil and criminal mortgage fraud cases deteriorated during November — though the dollar amount eased, according to the FraudBlogger Index published and maintained by https://www.mortgagedaily.com — a dominant source of online news for the mortgage industry.
The FraudBlogger Index was 810 during October, climbing from 740 in September and 790 a year earlier.
The dollar volume of active mortgage fraud cases tracked last month was $0.3 billion, compared to $0.5 billion the prior month and $0.8 billion in October 2006.
State Rankings and Index Level:
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September 2007 |
October 2006 |
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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.
In one case tracked, Wachovia Bank accuses Ameriquest Mortgage of selling it $129 million in loans with fraud.
“As we continue to see weakening property values, I suspect we’ll see deterioration in the index as crooked players are flushed out,” said Sam Garcia, Publisher of MortgageDaily.com and creator of the FraudBlogger Index. “Markets likely to see the biggest fraud increases are California, Florida and Nevada.”
Complete mortgage fraud activity is comprehensively chronicled at:
http://www.FraudBlogger.com
In depth mortgage industry fraud issues are reported at:
https://www.mortgagedaily.com/MortgageFraud.asp
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. 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 a dominant mortgage industry news source. 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:Â MortgageDaily.com
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