According to a report issued by Mortgage Asset Research Institute, Rhode Island leads the nation in mortgage fraud. The ranking is calculated by comparing the number of fraud cases with the number of home loans made. The list, as it stands:
- Rhode Island
- Florida
- Illinois
- Georgia
- Maryland
- New York
- Michigan
- California
- Missouri
- Colorado
According to a follow-up story in USA Today, “More than 60 percent of mortgage fraud cases last year stemmed from falsified applications, while 28 percent came from tax returns or financial statements and 22 percent came from appraisals.”
Credit: USA Today
