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January 20, 2008

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DPB

A look at the FBI SARS reports would confirm the predatory borrowing thesis. The rise in FBI SARS reports involving mortgage fraud went from approx. 2,000 in 1996 to over 25,000 in 2005. 20,000 of those reports in 2005 involved borrower fraud, apporox. 7,000 involved broker fraud, and appraiser fraud approx. 2,000.

The Top Ten Mortgage Fraud States (most have high growth SMSAs) according to the FBI were:
California
Colorado
Florida
Georgia
Illinois
Michigan
Missouri
Nevada
South Carolina
Utah

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