Mortgage fraud: california, new york rank highest, report says

Mortgage fraud activity slowed overall in the third quarter, but California ranks first in home loan fraud, with the state seeing as much as $204.2 million in losses on deceptive mortgage activity.

That's according to a new report from MortgageDaily, which found that lenders victimized by fraud faced inflated appraisals and fraudulent documentation.

California was followed by New York, which experienced $199.6 million in losses from nefarious activities in mortgage finance.

Source: AOL Real Estate