A swath of green is covering the real estate industry. Florida, Nevada and Michigan are the states experiencing the greatest problems with mortgage foreclosures, according to a study and report by the Mortgage Asset Research Institute, LLC, for the Mortgage Bankers Association.
“The current market conditions, compounded by mortgage fraud, are having a detrimental impact on our entire national economy,” said David Kittle, chairman-elect of MBA. “This report provides critical insight for those in the real estate finance industry to better understand the factors contributing to these circumstances.”
The most common type of mortgage-related fraud during the past year was false information on employment history and claimed income listed on applications, the report noted. Overall, last year marked the lowest volume of mortgage loan originations since 2002 and the highest number of delinquencies and foreclosures.
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