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Facts about mortgage fraud and foreclosure statistics.
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Facts about mortgage fraud and foreclosure rates
Subprime mortgages account
for about 14% of all
first lien mortgages, but …
… accounted for
50% of foreclosures
4th quarter of 2006.
There's a direct correlation
between the fees and pointscharged by a mortgage broker
and …
… the incidence of
misrepresentation
in a loan package.
A mortgage is 5 X more
likely to default in the
first 6 months if …
… it’s application contains
misrepresentations.
The probability of defaultfor a subprime loan is ...
… 6 X that
for a prime loan.
It's estimated that mortgage
fraud losses for 2006
will reach ...
… $4.2 Billion.
In 2006, mortgage fraud
was 10 X more
pervasive than …
… credit card fraud.
Foreclosure rates
climbed 35%
in 2006!
It’s a bitter pill
to swallow!
Response of Title Industry!
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