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Facts about mortgage fraud and foreclosure statistics.

Facts about mortgage fraud and foreclosure statistics.

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  • 1.
    • Did You
    • Know
    Facts about mortgage fraud and foreclosure rates
  • 2.
    • Subprime mortgages account
    • for about 14% of all
    • first lien mortgages, but …
  • 3.
    • … accounted for
    • 50% of foreclosures
    • 4th quarter of 2006 .
  • 4.
    • There's a direct correlation
    • between the fees and points
    • charged by a mortgage broker
    • and …
  • 5.
    • … the incidence of
    • misrepresentation
    • in a loan package.
  • 6.
    • A mortgage is 5 X more
    • likely to default in the
    • first 6 months if …
  • 7.
    • … it’s application contains
    • misrepresentations .
  • 8.
    • The probability of default
    • for a subprime loan is ...
  • 9.
    • … 6 X that
    • for a prime loan.
  • 10.
    • It's estimated that mortgage
    • fraud losses for 2006
    • will reach ...
  • 11.
    • … $4.2 Billion.
  • 12.
    • In 2006, mortgage fraud
    • was 10 X more
    • pervasive than …
  • 13.
    • … credit card fraud.
  • 14.
    • Foreclosure rates
    • climbed 35%
    • in 2006!
  • 15.
    • It’s a bitter pill
    • to swallow!
  • 16. Response of Title Industry!