Report: Mortgage fraud reports to law enforcement up in 2009
In 2009, there were several mortgage fraud schemes including loan origination, foreclosure rescue, builder bailout, equity skimming, short sale, illegal property flipping, reverse mortgage fraud and loan modifications.
Emerging trends include fraud involving economic stimulus programs, property theft and fraudulent leasing of foreclosed properties and tax-related fraud.
The study also found that there were more than 2.8 million properties with foreclosure filings, a 120 percent increase from 2007 to 2009. The Las Vegas area reported the highest rate of foreclosures, at more than 12 percent.
Foreclosure filings were highest in California, Florida, Arizona, Michigan, Nevada, Georgia, Ohio, Texas and New Jersey. In April 2010, one in every 386 housing units received a foreclosure filing, according to the report.
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