Insurance Claims $147 million Storm Damage

"Insurance industry officials say they expect $147 million worth of claims from the deadly tornadoes and hailstorms in northern Colorado last week. The Rocky Mountain Insurance Institute said Tuesday it expects a total of 20,000 claims for damage to homes and cars. State officials say the tornadoes destroyed nearly 80 homes and damaged roughly 770 others. Oscar Manchester, 52, was killed at a campground near Greeley. The Insurance Institute projects property owners will file 8,000 claims from the tornadoes and hailstorms combined, ranging from window damage to homes that were destroyed. The institute projects 12,000 auto claims ranging from hail dents to totaled vehicles. The $147 million estimate would make it the fourth-most-costly storm in state history". ......Insurance Claims

Rates on 30 year Mortgages Drop Sharply

Mortgage Rates Drop Sharply:

"Rates on 30-year mortgages fell to the lowest level in six weeks as financial markets grew more hopeful that the Federal Reserve will boost the sluggish economy by cutting interest rates further. Kentucky Insurance

Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages fell to 6.33 percent this week, down from 6.40 percent last week. It was the lowest level since 30-year mortgages dipped to 6.31 percent on Sept. 13, which had been the lowest point since last May..." Mortgage Rates Drop

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Mortgage Fraud Increases

Mortgage Fraud Increases:

Mortgage fraud is now a criminal enterprise that puts dollars in the hands of people who also are involved in such other crimes as drugs, murders and gangs," Stern told the conference.

As of early this month, the G-man reported, the number of suspicious activity reports concerning mortgage fraud is up 62 percent from a year earlier. That, he said, "is a stark increase" compared to those alleging commercial loan fraud and false statements..... more from Mortgage Fraud