Md. ranks 6th in mortgage fraud
According to a new report, Maryland ranked sixth-worst in the nation last year for mortgage fraud, the Baltimore Sun reports.
The state had 36 percent more reported fraud cases than the national average in 2009, the Mortgage Asset Research Institute said. The institute, a provider of mortgage-fraud prevention services, compared the number of fraud cases to each state's total number of newly issued mortgages.
Maryland's ranking actually is an improvement over 2008, when the state ranked fifth in the country, with 82 percent more fraud than the national average.
Topping the list released Monday was Florida, with nearly triple the U.S. average on mortgage fraud. Rounding out the top five were New York, California, Arizona and Michigan.
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Washington Post editors
| April 26, 2010; 12:35 PM ET
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Business, Florida, Fraud, Maryland, Mortgage, Mortgage fraud, United States
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Posted by: postfan1 | April 26, 2010 5:41 PM | Report abuse
I think the mortgage industry is SO corrupt. But I have to say, when I refinanced with a company in VA, I was treated like crap...put on the back burner, and eventually told it was taking 2 months instead of 1 month because they had bigger customers than me! When I tried to transfer all the docs to another mortgage company, of course there were FEES and no guarantee they would accept the docs! AND the first company wanted to charge me $400 to NOT set up an escrow account ( I pay my RE taxes on my own annually)...repeat - to NOT set up an escrow account! BUT...when I refinanced with a Maryland co. a few years later, it went through VERY smoothly.
Posted by: DecafDrinker | April 26, 2010 7:25 PM | Report abuse
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Wow. This is surprising. Not.