The Federal Bureau of Investigation (FBI) recently released its 2007 Mortgage Fraud Report. The report documents several schemes that have emerged as the rise in foreclosures, depressed housing prices, and decreased demand have placed pressure on lenders, builders, and home sellers. Schemes for 2007 included builder-bailouts, seller assistance, short sales, foreclosure rescue, and identity thefts exploiting home equity lines of credit.
The report determined the top 10 mortgage fraud states for 2007 were Florida, Georgia, Michigan, California, Illinois, Ohio, Texas, New York, Colorado, and Minnesota. Other states significantly affected by mortgage fraud included Arizona, Maryland, Utah, Nevada, Missouri, Indiana, Tennessee, Virginia, New Jersey, and Connecticut.
To see an overview that includes edited information taken from the report click here.
