Florida, #1 in Mortgage Fraud!

Florida #1 in Mortgage Fraud, Florida Foreclosures Rise

Two years running Florida has led the nation in mortgage fraud in 2007.

The Mortgage Bankers Association is urging Congress to set aside $31.25 million over the next five years so that they may hire more FBI investigators and prosecutors so they can investigate the number of cases of suspected mortgage fraud in relation to South Florida real estate.

According to a 2006 report released this week by a Virginia based Mortgage Asset Research Institute; Florida replaced Georgia for the number 1 spot for mortgage fraud. The group tracks loan fraud and ranks the top 10 states where lenders either have found, or suspect, problematic loans. Florida ranked fourth in last year's report.

Full article...Florida Mortages, South Florida Real Estate