Georgia had about 50 percent more mortgage fraud over the last five years than it should based on the number of new home loans in that time. A new report from LexisNexis finds the amount of fraud in the Peach State might be decreasing, however.
Georgians who were victims of mortgage fraud will share in a $25 billion federal settlement. The state’s attorney general announced Thursday the agreement will also provide $100 million for homeowners who owe more than the value of their homes.
Georgia is well represented within a nationwide federal operation targeting mortgage fraud. Underway since March, federal justice officials call “Operation Stolen Dreams” the largest ever combined enforcement effort to attack mortgage fraud.