Industry News
March 16, 2010
California at the Top in Mortgage Fraud
California leads as the state with the most mortgage fraud risk, according to Interthinx’s 2009 Fourth-Quarter Mortgage Fraud Report. With the addition of several MSAs to the highest risk category, California moved past Nevada, which had topped the rankings over the last five consecutive quarters.
According to the report, California’s lead in the rankings is significant because of the sheer volume of loans and the magnitude of the potential economic losses to lenders. According to MortgageDaily.com’s fourth quarter 2009 mortgage fraud index, the $314 million in fraud tracked in California puts California in the No. 2 dollar volume position, behind Florida.
