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California Has Plenty Of Suspicious Mortgage Activity

California leads the nation when it comes to suspicious mortgage activity and San Diego is number 12 on the top 20 list.

— The Treasury Department says suspicious loan activity rose 20 percent in the third quarter of last year. Banks are required to report activity like questionable loan work-arounds, loan modifications for distressed homeowners, or unusual refinancing attempts.

"In California, we're aware. We're very aware that the pain felt by homeowners is deeper than in any other state," said Shum Preston, spokesman for the Attorney General. "And that creates an opportunity for predators to come in and try to take advantage of those homeowners."

Federal officials say the reports of suspicious activity help them locate and root out fraud. The California Attorney General's office said it is no surprise that there's a lot of mortgage fraud activity in California.

"The housing and mortgage downfall have hurt our housing economy more than in any other state," Preston said. "So it's not surprising at all, it's what I would expect, and it's why California has put together a dedicated mortgage fraud strike force."

That state task force finds and prosecutes people involved in mortgage fraud schemes.

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Erik Anderson
Environment Reporter

opening quote marksclosing quote marksI focus on the environment and all the implications that a changing or challenging environment has for life in Southern California. That includes climate change, endangered species, habitat, urbanization, pollution and many other topics.

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