Mortgage Fraud Costs Lenders 1 Billion Dollars Over Last Decade
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The other part of this that interested me is that Florida accounted for nearly 25 percent of the mortgage fraud instances reported.
Mortgage fraud has represented about $1 billion in losses over the past decade, the Mortgage Bankers Association has said.
The increase in reported incidents comes as lenders raise credit standards to curb rising foreclosures. Amid the wreckage of the housing slump and mortgage crisis, many banks have been criticized for their offering up of mortgages without asking for thorough documentation. Critics charge the industry with being too lax in qualifying risky borrowers during the boom, which fueled an overheated housing market. via WSJ
Full Report from MARI (Mortgage Asset Research Institute)
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