Rhode Island has displaced Florida as the state leading the nation in mortgage fraud, according to a report made public this afternoon by the Mortgage Asset Research Institute. The report, prepared for the Mortgage Bankers Association, compared the number of fraud cases reported in an industry data base to the total number of mortgage loans originated last year. Rhode Island's score, 315, means that it had more than three times its share of mortgage fraud cases as it should have for the number of loans originated here.We worked hard for this honor, and it was several years in the making:
Since 2004, Rhode Island has been steadily on the rise. In that year, it ranked 41st, with a score of 16, meaning it had only about one-sixth its share of mortgage fraud cases. In 2005 and 2006, Rhode Island ranked 18th. And in 2007 it climbed to fifth.In America, anything is possible if you work hard and don't give up. And no place is that more true than Rhode Island, which also was voted the most fraudulent state by a group of 5000 journalists.
Add to the mix our unique characters, like Buddy Cianci, massive taxation, and vicious infrastructure cost overruns, and the proof is there -- good things do come in small packages.
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