"The number of reported incidents of mortgage fraud has reached an all-time high even as the number of home loans being issued has shrunk, according to a report released Monday.
Cases of reported fraud surged 26% from 2007 to 2008, according to the Mortgage Asset Research Institute (MARI), a LexisNexis Service, which compiled the report for the Mortgage Banker's Association.
'With fewer loan originations today, the data suggests that the economic downturn may have created more desperation, causing more people than ever before to try to commit mortgage fraud,' Denise James, LexisNexis Risk and Information Analytics Group director of Residential Mortgage Solutions, said in a written statement."
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Mortgage fraud at an all time high in 2008
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