Mortgage fraud activity drops nationwide
All throughout the nation, mortgage fraud activities have dropped, especially in Texas in the last quarter. However, the state still remains an active center for fraudulent activities.
The last quarter witnessed around $1.1 billion of active criminal and civil cases of mortgage fraud. This is around 35% less than $1.7 billion in active cases in the second quarter and 8% drop from $1.2 billion in cases during third-quarter 2007. Experts say that the nationwide decrease in mortgage fraud activities is due to the chain of actions taken by the FBI and the Justice Department.
In the state of Texas, there were around $46.7 million in active cases last quarter with Lone Star State ranking as the 5th highest in fraud activity after Florida, California, Nevada and Minnesota. However, it’s a big dropdown from the 135.5 million cases active in the state during the second quarter. Among all states, Florida, California and Nevada have the most foreclosure filings during September, 2008.
To get an idea on how mortgage fraud has affected different states especially Texas, take a look at some of the articles/news stories given below: