The Mortgage Asset Research Institute reported mortgage fraud activity was up over 45% during the second quarter of 2008 as compared to the second quarter of 2007.
General application misrepresentation accounted for nearly two thirds of all mortgage fraud activity. According to the Institute. Income exaggeration was slated at 36% of all mortgage fraud.
This entire mortgage meltdown has plenty of blame to go around... but let's not forget that outright fraud was the fuse that lit the ticking time bomb.
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