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Wednesday, February 17, 2010

Canadian Mortgage Broker News - Mortgage fraud increases in U.S.

Canadian Mortgage Broker News - Mortgage fraud increases in U.S.

Mortgage fraud increases in U.S.


The number of mortgage fraud cases increased last year in the U.S., with the highest concentration in areas with high property foreclosure rates.

According to MortgageDaily.com's fourth quarter 2009 mortgage fraud index, the activity was worst in Florida and Nevada, with a combined 1,780 cases last year.

Last week in the U.S., a former Beverly Hills real estate appraiser was sentenced to three years in federal prison for her role in a large-scale mortgage fraud.

Prosecutors say Lila Rizk was part of a ring that obtained dozens of inflated mortgage loans for homes in wealthy Southern California neighborhoods. She was ordered by the judge to pay her part of a $46 million restitution to Bank of America Corp. and others.