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The Government Is Cracking Down

trulia.com | December 15, 2013

Not all that long ago, it may have been profitable to commit mortgage fraud and chances are that you might even get away with a straw-buyer scheme or two because no one was really paying all that much attention.

But times have changed.

And it isnt just people that you have never heard of who are getting busted people doing the perp walk go as high as the CEO of one of the (now-defunct) major lenders in the US.

According to the Associated Press, more than 500 people have been arrested since March in various mortgage-fraud schemes across the country:

The Justice Department announced Thursday that investigators have made nearly 500 arrests since March in a major crackdown onmortgage fraud.

The nationwide initiative called Operation Stolen Dreams is the largest collective enforcement effort aimed at confronting the problem of mortgage fraud, Attorney General Eric Holder told a news conference. It involves 1,215criminal defendants in cases that uncovered more than $2.3 billion in losses.

One interesting insight released from the Justice Department was the number of different ways that someone can commit mortgage fraud.

In one scheme in Miami, the person accused of mortgage fraud targeted the Haitian-American community and said that she could help with immigration issues and could provide assistance with the manager of a government sponsored housing program.

In another scheme in Chico, California one of the larger homebuilders in that are was rebating back tens of thousands of dollars on each home sold to shell companies controlled by buyers agents.

And I am sure that the few examples I have read about only scratch the surface.

Mortgage fraud.

It just doesnt pay like it used to.

 

Back to December 2013 Archive

CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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