Property Management for Dummies Mortgage fraud rose 30 percent last year; it is spreading nationwide, and it’s getting the blame for the housing bust. Once concentrated in relatively few state, “incidents of mortgage fraud are now more evenly distributed across nearly all states,” according to the institute’s “Ninth Periodic Mortgage Fraud Case Report To the Mortgage Bankers Association.” The report says most fraud comes from so-called “liar loans” where applicants (either on their own or because they are cajoled) are not truthful about their employment history and clamed income — a crime punishable by up to 30 years in jail or fines of up to $1 million or both, according to the Federal Bureau of Investigations which, in recent years, has gone after mortgage fraud for what it is — organized crime.

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