California Ranks Second In Mortgage Fraud

May 16 - KGO (KGO) -- There's an update to a 7 On Your Side investigation into mortgage fraud.

An index released today by the Mortgage Asset Research Institute now ranks California second in the nation for mortgage fraud -- second only to Florida.

Suspected cases of mortgage fraud increased 214 percent in California from the first quarter of 2005 to 2006. The institute suspects the increase is due to the declining real estate market.

Last year, California ranked eighth on the Mortgage Fraud Index.

Related links:

2007 Case Report on Mortgage Fraud http://www.mari-inc.com/pdfs/mba/MBA9thCaseRpt.pdf

Previous 7 On Your Side story on mortgage fraud: http://abclocal.go.com/kgo/story?section=7on_your_side&id=5304414

To learn more about foreclosures, please visit:

California Reinvestment Coalition

Center for Responsible Lending

2006 FBI Financial Crimes Report

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