Maryland and mortgage fraud
The Mortgage Bankers Association and the Mortgage Asset Research Institute, which released the study today, say that Maryland's reported mortgage fraud as a share of loans originated last year is 15th worst in the country. That's the same ranking the state had in 2006.
By "fraud," the groups mean both the fudging that homebuyers did to qualify for a loan ("I make $150,000 a year -- yeah, that's the ticket") and the scams by people looking to steal from lenders and scram. Some of the latter are really complex, with straw buyers and falsified appraisals and the like. Click HERE for an FBI briefing on the subject.
The worst 10 states for mortgage fraud, according to the new report:
9. New York