LexisNexis: Reported Mortgage Fraud, Distortion Fell in '10
Monday, May 9, 2011
San Diego Union-Tribune -- Reports of mortgage fraud and misrepresentation by those in the home-loan industry fell 41 percent in 2010 from 2009, with California among the Top 3 states with the most incidents, numbers from research company Lexis Nexis show.
...Norm Miller, a real estate professor at the University of San Diego, said California was likely in the Top 3 because of its large population and its ongoing issues with distressed properties and plummeting home values. Florida and New York were first and second.
"Fraud is going to be correlated with the market," Miller said. "In 2010, we had great price declines and a number of foreclosures ... so people will be more susceptible to scams." (Full Story)