Miami Homes, Miami Beach Real Estate

Big Banks are Accused of Short Sale Fraud

Apparently there is new mortgage fraud out there today, allegedly perpetuated by agents of, yes, the big banks, just as regulators, lawmakers and all forms of financial oversight boards are talking about new regulations to guard against mortgage fraud out there today. It’s affecting Miami homes, Miami Beach real estate and other properties nationwide.

CNBC Real Estate Reporter first alerted to this by Jeremy Brandt, the CEO of several companies that bring short sale agents, investors and sellers together.

Full Article...Miami Homes, Miami Beach Real Estate

Mortgage Fraud, Miami Beach Real Estate

Hundreds Indicted for Mortgage Fraud

Since March, more than 400 real estate industry people have been indicted in a Justice Department crackdown on incidents of mortgage fraud nationwide that have contributed to the country's housing crisis. This includes a few dozen arrests just over the last two days.

The FBI estimates that the losses to homeowners and other borrowers who were victims in the schemes at over $1 billion.

Deputy Attorney General Mark Filip said in a statement Thursday, "Mortgage fraud and related securities fraud pose a significant threat to our economy, to the stability of our nation's housing market and to the peace of mind to millions of Americans.”

Full Article...Mortgage Fraud...Miami Beach Real Estate

Florida, #1 in Mortgage Fraud!

Florida #1 in Mortgage Fraud, Florida Foreclosures Rise

Two years running Florida has led the nation in mortgage fraud in 2007.

The Mortgage Bankers Association is urging Congress to set aside $31.25 million over the next five years so that they may hire more FBI investigators and prosecutors so they can investigate the number of cases of suspected mortgage fraud in relation to South Florida real estate.

According to a 2006 report released this week by a Virginia based Mortgage Asset Research Institute; Florida replaced Georgia for the number 1 spot for mortgage fraud. The group tracks loan fraud and ranks the top 10 states where lenders either have found, or suspect, problematic loans. Florida ranked fourth in last year's report.

Full article...Florida Mortages, South Florida Real Estate