While overall mortgage fraud reports are down, California continues to be among the worst states in terms of such crime – trailing only New York and Florida for fraud on loans originated in 2010, according to a report released Monday.
The annual report from the Lexis-Nexis Mortgage Asset Research Institute highlighted the challenges facing states like California as they grapple with the ongoing aftermath of the subprime mortgage crisis.
“Fraud is and will always be a crime of opportunity, especially in times of desperation,” the report said.
The annual report is based on verifiable cases of fraud reported to the institute’s Mortgage Industry Data Exchange, or MIDEX.
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