Mortgage Fraud, Dozens Charged in Miami Real Estate
On Tuesday, federal authorities said Forty-one people were charged with taking part in a $40 million mortgage fraud scheme in Miami.
Jeffrey Sloman, acting U.S. Attorney, said the fraud implicated a network of fake purchasers, dishonest mortgage brokers and cooperative bank employees who approved for inflated mortgages.
During the boom typical mortgage fraud scams consisted of a team of mortgage professionals that often included attorneys, mortgage brokers and appraisers. They would pay stand-in buyers and use their identities to get mortgages for the purchase of over priced properties. Often time’s payments on the loans and the Miami homes would not be made and they would soon enter foreclosure.
Full Article...Mortgage Fraud, Miami Real Estate
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