Subprime mortgage fraud grew in Ohio in '07
Friday, March 14, 2008
Ohio ranked sixth in the United States in 2007 in subprime mortgage fraud cases, according to a report issued Thursday, March 13, by a trade association.
In 2006, the state ranked 13th in subprime fraud cases and ranked 11th the year before that, according to a report by the Mortgage Bankers Association, a Washington, D.C.-based group.
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The MBA figures come from fraud incidents reported to the Mortgage Asset Research Institute. Reported offenses include fraudulent application, tax/financial statements, appraisals and verifications of employment, the MBA's report states.
Last year, Ohio's Mortgage Fraud Index in the subprime category climbed to 128 , which means reported cases were about 28 percent higher than the expected number. In 2006, the MFI for Ohio was 96 and in 2005 it was 109.
Florida ranked first in the country in subprime frauds, followed by Michigan, Nevada, Utah and Georgia, the MBA reported.
Based on fraud cases involving both prime and subprime mortgages, Florida was number one with a rating of 215, followed by Nevada at 204. Michigan, California and Utah ranked after that for the highest numbers of loan frauds.
