Texas ranks 10th in nation for mortgage fraud
2007 was rife with mortgage fraud, claims Dallas-based Web publication MortgageDaily.com. The site has identified over $4 billion in mortgage fraud nationwide, with fraud in California and Ohio topping its list of states that suffered the most.
California alone in 2007 equaled the 2006 nationwide mortgage fraud total of $1.6 billion.
"As the real estate market unraveled last year, mortgage fraud could no longer be hidden," said MortgageDaily.com publisher Sam Garcia in a media release. "A growing number of cases involving inflated home values and false application information were uncovered."
Texas was ranked number 10 on the list with $98.2 million in fraud, up from $96 million in 2006. The company tracked frauds of $100,000 or more in its survey.
Read More: www.mortgagedaily.com