Mortgage Fraud Statistics
Mortgage frauds and foreclosure frauds are at an all time high due to the recession. Almost every other home was being foreclosed. Also, the desperation among people has given rise to these frauds. The statistics on mortgage frauds is really high and sad. The estimated amount of losses every year is nearly $4 billion to $6 billion. |
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The Suspicious Activity Reports, or SAR, reveals that the total mortgage fraud that occurred in 2008 alone can amount to more than $1.5 billion in losses. There were nearly 63 thousand reports filed.
In 2009, SAR reports that so far the mortgage fraud losses have been reported to nearly forty thousand and nine hundred cases. The net amount can be higher than last year.
There are still two thousand four hundred and fifty cases left this year to be investigated by the FBI.
There are nearly 65 individual groups from the FBI that are working on these mortgage frauds.
In 2008, nearly 384 individuals and companies were charged on fraud.
There are some states that are more prone to mortgage frauds in the United States and they are as follows:
Rhode Island (RI)
Florida (FL)
Illinois (IL)
Georgia (GA)
Maryland (ML)
New York (NY)
California (CA)
Missouri (MO)
Michigan (MI)
Colorado (CO)
More number of mortgage fraud cases has been registered from these states as compared to other states in the country. The real estate boom was also mainly in these states. There have been several types of mortgage frauds moreover, and many people including financial institutions have been cheated.
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