This surprising information is taken from page 108 of a Continuing Education Manuel for Florida Real Estate license renewal. It is a portion the fraud activity connected to the Mortgage Melt Down... by Participant.
Mortgage Brokers
Misrepresented income/Assets/Debts 488 (64.13%)
Forged Fraudulent Documents 338 (68.15%)
Straw Buyers 66 (66%)
ID Fraud 72 (40%)
Borrower
Misrepresented income/Assets/Debts 663 (87.12%)
Forged Fraudulent Documents 412 (83.06%)
Straw Buyers 69 (69%)
ID Fraud 171 (95%)
It was also found that some of the advertisers who said they gave seminars on how to buy property with no money down were actually taking participants identity, using it to buy property in their name, and pocketing the profits.
In 2006 Florida had the distinction of having more mortgage fraud cases than any other State.
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