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  • The Blue Crown Capital Management Specialists: Ten worst states for mortgage fraud

    Community, Industrial Design

    101073779-tool-mortgage-171137349

    1. New York

    MFI: 98 2010 population: 19,378,102 Percentage of homeowners: 54.5 New York also ranked No. 4 on the 2012 Collusion Indicator Index. (The CII is based on factors, including cohabitation and shared assets, that make collusion possible or likely. The factors are particularly relevant when a property has been transferred at a loss.)

    1. Georgia

    MFI: 106 2010 population: 9,687,653 Percentage of homeowners: 67.1 The state's MFI fell 27 percent between 2011 and 2012. Georgia also ranked No. 9 of the 10 states with the largest percentages of properties in default, at 2.94 percent, though that was down from 4.32 percent in 2011.

    1. Michigan

    MFI: 110 2010 population: 9,883,640 Percentage of homeowners: 74.5 Michigan posted a significant drop—just over 40 percent—in MFI between 2011 and 2012.

    1. California

    MFI: 116 2010 population: 37,253,956 Percentage of homeowners: 56.1 Two of the metro areas with the highest number of mortgage fraud suspicious activity reports were in the Golden State: San Francisco-Oakland-Fremont, at 12.1 percent, and Los Angeles-Long Beach-Santa Ana, at 6.4 percent.

    1. New Jersey

    MFI: 120 2010 population: 8,791,894 Percentage of homeowners: 66.5 New Jersey is the only state making the Worst 10 on all three NexisLexis mortgage fraud indexes: It also ranks No. 7 on the CII for properties with a sale price decrease of 50 percent to 95 percent, and it's No. 6 on the default index.

    1. Illinois

    MFI: 150 2010 population: 12,830,632 Percentage of homeowners: 68.8 The state also had the second-largest percentage of mortgage defaults last year.

    1. Delaware

    MFI: 165 2010 population: 897,934 Percentage of homeowners: 74.7 This is the state's first appearance on this Worst 10 list. It also ranks high on the CII.

    1. Arizona

    MFI: 174 2010 population: 6,392,017 Percentage of homeowners: 66.6 The state was also third on in 2011; it ranked No. 2 in 2010.

    1. Nevada

    MFI: 280 2010 population: 2,700,551 Percentage of homeowners: 59.7 Nevada was also No. 4 last year among the 10 states with the largest percentage of properties in default, though the number decreased dramatically—to 4.13 percent from a high of 14.94 percent in 2009.

    1. Florida

    MFI: 805 2010 population: 18,801,310 Percentage of homeowners: 69.3 With its long history of real estate fraud, Florida has ranked No. 1 for mortgage fraud investigations for five years. It's also first for properties in default. Still, defaults fell to 5.42 percent last year from a high of 13.42 percent in 2009. read more: http://www.bluecrowncapital.com

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