Where Is Mortgage Fraud Most Common?
Reports of mortgage fraud are on the rise: A government agency reported this week a 31 percent jump in mortgage fraud cases for the first quarter of this year, largely attributed to additional reviews from banks of loans issued several years ago that now have gone bad.
California cities dominated the rankings for the highest incidences of mortgage fraud in the nation — occupying six of the top 10 spots, according to the report issued by The Financial Crimes Enforcement Network.
The following is a list of the top 11 metro areas with the highest reports of mortgage fraud in the first quarter of this year, according to the Financial Crimes Enforcement Network.
1. San Jose-Sunnyvale-Santa Clara, Calif.
2. San Francisco-Oakland-Fremont, Calif.
3. Los Angeles-Long Beach-Santa Ana, Calif.
4. Riverside-San Bernardino-Ontario, Calif.
5. Sacramento-Arden-Arcade-Roseville, Calif.
6. Miami-Fort Lauderdale-Pompano Beach, Fla.
7. San Diego-Carlsbad-San Marcos, Calif.
8. Las Vegas-Paradise, Nev.
9. Atlanta-Sandy Springs-Marietta, Ga.
10. Salt Lake City, Utah
11. Chicago-Naperville-Joliet, Ill.
Source: “Top 20 Metros for Mortgage Fraud,” Inman News (June 29, 2011) [Log-in required]