Florida has maintained its dubious distinction as the nation’s most fraud-ridden mortgage market, but the rate of fraud is falling, the LexisNexis Mortgage Asset Research Institute says today. The group’s annual mortgage fraud study gives Florida an index of 292 for 2009, meaning Florida has 2.9 times as much loan chicanery as the rest of the nation. Florida also was No. 1 in 2008, the study says, but with an index of 430, according to the report. Florida now has ranked No. 1 in mortgage fraud for four years in a row. (Note: The LexisNexis Mortgage Asset Research Institute originally ranked Rhode Island No. 1 in last year’s report and Florida No. 2, but it has revised those figures to rank Florida No. 1 for 2008.)
Most Popular Articles
This week, the average U.S. fixed rate for a 30-year mortgage jumped to 3.69%. That’s still more than a percentage point lower than the 4.85% of the year-earlier week.
Robert Shapiro, the founder of the Woodbridge group of companies, will spend 25 years in prison after pleading guilty to charges that orchestrated a $1.3 billion real estate Ponzi scheme that bilked thousands of investors out of hundreds of millions of dollars.