The latest report on mortgage fraud by the Financial Crimes Enforcement Network (FinCEN) found that Hawaii ranked #2 in reports of suspicious mortgage loan activities on a per capita basis in 2011.
California and Florida topped the list in total numbers, but Hawaii moved up when the numbers were corrected for our small population.
California also had the highest number of MLF subjects per capita, for both the quarter and year. In Q4, Florida and Hawaii followed California; these two states also appeared in the top four rankings during Q3 2011. For the 2011 calendar year, California was followed in the per capita rankings by Hawaii, Florida, and Nevada.
Data also show most reported incidents in Hawaii occurred prior to 2009. According to data from FinCEN, 71.7% of suspicious activity reports involved transactions before 2009, and only 28.3% were after the beginning of 2009.
FinCEN was established in 2009.
FinCEN is a bureau of the U.S. Department of the Treasury. The Director of FinCEN is appointed by the Secretary of the Treasury and reports to the Treasury Under Secretary for Terrorism and Financial Intelligence. FinCEN’s mission is to enhance the integrity of financial systems by facilitating the detection and deterrence of financial crime.
There are a number of reports and assessments on mortgage fraud and related issues there on the FinCEN web site.