Mortgage Fraud Statistics
According to the Federal Bureau of Investigation (FBI), which earlier this month issued yet another Mortgage Fraud Advisory, here are the latest Real Estate Fraud statistics:
Estimated Annual Losses: $4 billion to $6 billion
Total Mortgage Fraud Suspicious Activity Reports in Fiscal Year 2007: 46,717, with $813 million in losses
Total FBI Mortgage Fraud Task Forces/Working Groups (June 2008):
42
Pending FBI Mortgage Fraud Investigations (May 2008):
1,380
Cases opened in Fiscal Year 2007:
462 (compared to 295 in Fiscal Year 2003)
Successes in Fiscal Year 2007:
321 indictments/informations; 260 convictions
States with Significant Mortgage Fraud problems in 2008:
Florida
Nevada
Michigan "my State"
California
Utah
Georgia
Virginia
Illinois
New York
Minnesota
Ralph R. Roberts, CRS, GRI
Ralph Roberts Realty
67775 Van Dyke
Washington Township, MI 48095
Office: (586) 751-0000
Fax: (586) 752-8959
Email: RalphRoberts@RalphRoberts.com
Personal Assistant: Lois Maljak (LoisMaljak@RalphRoberts.com )
Ralph Roberts is the author of many books, including:
- Power Teams: A Guide to Building and Managing Winning Real Estate Agent Teams (RISMedia)
- Foreclosure Self-Defense For Dummies (Wiley Publishing)
- Mortgage Myths: 77 Secrets to Save on Home Financing (Wiley Publishing)
- Advanced Selling For Dummies (Wiley Publishing)
- Protect Yourself from Real Estate & Mortgage Fraud (Kaplan Publishing)
- Foreclosure Investing For Dummies (Wiley Publishing)
- Flipping Houses For Dummies (Wiley Publishing)
Ralph Roberts maintains a number of popular Websites and Blogs, including:
- www.RalphRoberts.com (Ralph's real estate company)
- www.FlippingFrenzy.com (Ralph's blog about Real Estate & Mortgage Fraud)
- www.AboutRalph.com (Where anyone can learn more about Ralph)
- www.ForeclosureSelfDefense.com (Info about Foreclosure Self-Defense)
- www.GetFlipping.com (A resource for house flippers)
- www.PowerfulSelling.com (Sell tips, strategies and warnings)
- www.KolleenRoberts.com (A tribute site to Ralph's daughter)
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Ralph, good information. Now that many of the Bad Mortgage Companies and Bad Mortgage agents have been forced out of the business, I beleive the fraud cases will start reducing in number. And for those of us with ethics and a concience we will see increases in our incomes as the Real Estate downturn rebounds