The Real Deal Miami

Florida second in mortgage fraud

July 09, 2009 02:54PM

An FBI report said Miami was the second-worst place for mortgage fraud, which rose 36 percent nationwide in 2008. Los Angeles held the top spot, reflecting California’s leading spot on a state-by-state basis. Miami had 5,155 reports of possible fraud last year. The FBI said reverse-mortgage schemes that victimize seniors and builder bailouts, where buyers are offered big purchase incentives but don’t disclose the lures on loan documents, are among the most popular scams.