Mortgage Fraud
A lawyer has been arrested along with 17 other people in a 42 million dollar scam. Officials think this is the start of what they expect to be a huge wave of mortgage fraud.
The US Attorney has let it be known that their will be a task force created to crack down on this mortgage fraud. They expect to root it out in the next few months.
Florida is considered to be the mortgage fraud national capital. At the moment more than 50 such investigations are in progress.
The 42 million dollar scam was committed by an owner of a title company, a mortgage broker,and a bank loan officer who conspired to get funding. They used fake documents to do so. They received amounts higher than the purchase was to be and paid themselves fees.
Mortgage fraud is common and it involves professional people at every stage of the