Mortgage Fraud Case Activity Drops

Dennis Norman St LouisAfter surging in the second quarter, mortgage fraud case activity sank in the third quarter based on the Third Quarter 2010 Mortgage Fraud Index from Mortgage Daily. The Mortgage Fraud Index came in at 1007 during the third quarter – falling 41 percent from the second quarter. The index hasn’t been this low since the first quarter 2008, when it was just 713.

The latest index reflected 151 criminal and civil cases with activity from July 1 to Sept. 30. On a dollar basis, the cases totaled $1.9 billion.

Period Mortgage Fraud Index Amount # Cases
Q3 2010 1007 $1,850,531,120 151
Q2 2010 1699 $2,248,657,052 266
Q3 2009 1322 $1,539,023,005 211

“During the previous quarter, case activity leapt as the Obama administration’s Operation Stolen Dreams focused government resources on mortgage fraud,” said MortgageDaily.com Publisher Sam Garcia. “But as the media blitz subsided, third-quarter case activity sank.”

The average case size jumped to $12.3 million from the second quarter’s $8.5 million.

Florida had the highest state index: 143. Still, it was an improvement from 213 during the second quarter.

A newcomer to the top-five, Connecticut, saw its index rise to 47 from 30 three months earlier.

Top States by Index

State Index
Florida 143
California 100
New York 70
Pennsylvania 50
Connecticut 47

Based on the dollar amount of mortgage fraud cases, Washington’s $556 million was more than in any other state. A single case involving a former senior vice president at Pierce Commercial Bank accounted for $495 million of the state’s activity.

In North Carolina, a single case — the Waxhouse Investigation — accounted for around $42 million of activity.

Top States by Amount

State Amount
Washington $555,800,000
Michigan $247,600,000
California $199,253,796
New York $154,400,000
Florida $110,333,006
North Carolina $77,156,050
Print Friendly, PDF & Email

25 comments to Mortgage Fraud Case Activity Drops

  • Youre so cool! I dont suppose Ive read something like this before. So good to search out someone with some original ideas on this subject. realy thank you for beginning this up. this web site is one thing that’s needed on the net, someone with somewhat originality. helpful job for bringing something new to the web!

  • Thanks, I’ve just been looking for information approximately this topic for a while and yours is the best I have came upon so far. However, what about the bottom line? Are you positive in regards to the source?

  • … [Trackback]

    […] Find More on on that Topic: stlouisrealestatenews.com/real-estate-market/mortgage-fraud-case-activity-drops/ […]

  • I take pleasure in, lead to I found exactly what I used to be having a look for. You have ended my 4 day lengthy hunt! God Bless you man. Have a nice day. Bye

  • I like what you guys are up also. Such clever work and reporting! Keep up the excellent works guys I have incorporated you guys to my blogroll. I think it will improve the value of my website :)

  • … [Trackback]

    […] Find More Information here on that Topic: stlouisrealestatenews.com/real-estate-market/mortgage-fraud-case-activity-drops/ […]

  • of course like your web-site but you have to test the spelling on quite a few of your posts. Many of them are rife with spelling issues and I in finding it very troublesome to inform the reality however I will definitely come back again.

  • Asking questions are in fact pleasant thing if you are not understanding something completely, except this article provides pleasant understanding yet.|

  • I truly appreciate this post. I’ve been looking all over for this! Thank goodness I found it on Bing. You have made my day! Thx again!

  • … [Trackback]

    […] Read More on that Topic: stlouisrealestatenews.com/real-estate-market/real-estate-market-general/mortgage-fraud-case-activity-drops/ […]

  • I have not checked in here for some time since I thought it was getting boring, but the last few posts are great quality so I guess I will add you back to my daily bloglist. You deserve it my friend :)

  • I very like this blog. Everything is cleared.

  • Awesome blog you have here but I was wondering if you knew of any message boards that cover the same topics talked about in this article? I’d really like to be a part of online community where I can get feedback from other experienced individuals that share the same interest. If you have any suggestions, please let me know. Appreciate it!

  • We’re a group of volunteers and opening a new scheme in our community. Your web site provided us with valuable info to work on. You’ve done an impressive job and our whole community will be grateful to you.

  • … [Trackback]

    […] Find More on that Topic: stlouisrealestatenews.com/real-estate-market/real-estate-market-general/mortgage-fraud-case-activity-drops/ […]

  • I have been browsing online greater than three hours today, yet I never discovered any attention-grabbing article like yours. It is pretty value sufficient for me. Personally, if all site owners and bloggers made good content as you did, the web can be a lot more useful than ever before.

  • … [Trackback]

    […] Information on that Topic: stlouisrealestatenews.com/real-estate-market/mortgage-fraud-case-activity-drops/ […]

  • Nice post. I study something tougher on different blogs everyday. It can all the time be stimulating to read content from different writers and practice a little bit one thing from their store. I’d prefer to make use of some with the content on my blog whether you don’t mind. Natually I’ll provide you with a link on your internet blog. Thanks for sharing.

  • I truly value your work, Great post.

  • Thank you for any other informative site. The place else could I get that type of info written in such an ideal method? I have a venture that I am simply now operating on, and I’ve been on the glance out for such information.

  • I wanted to thank you for this great read!! I definitely enjoying every little bit of it I have you bookmarked to check out new stuff you post…

  • Respect to author, some wonderful information .

  • you are really a good webmaster. The website loading speed is incredible. It seems that you’re doing any unique trick. Furthermore, The contents are masterpiece. you’ve done a excellent job on this topic!

  • We’re a group of volunteers and opening a brand new scheme in our community. Your web site provided us with valuable info to paintings on. You’ve performed an impressive task and our whole group will likely be grateful to you.

  • Hola! I’ve been reading your web site for some time now and finally got the courage to go ahead and give you a shout out from Humble Texas! Just wanted to tell you keep up the great work!

Leave a Reply

You can use these HTML tags

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>