Minnesota 10th in U.S. for mortgage fraud
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minnesota, mortgage fraud March 14th, 2008Activity up elsewhere; Minnesota sees drop
Minnesota ranks 10th in the country for reported mortgage fraud, down from its No. 5 spot a year earlier but high enough to indicate the problem remains coast to coast even as loan-making slows.
Sun Belt states Florida and Nevada topped the fraud list, released Thursday by the Mortgage Asset Research Institute in Reston, Va., and the Mortgage Bankers Association. Minnesota’s ranking appears to have dropped in part because some states, such as Utah and Virginia, jumped into the top 10 and Nevada jumped higher, and because Minnesota’s rate of fraud appears to have declined somewhat.
The report covers fraud self-reported by 700 mortgage-related companies, including mortgage-buying giants Fannie Mae and Freddie Mac, on all types of mortgages originated in 2007, including refinancing and home-improvement loans. Many high-fraud states also lead in foreclosures.
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