People Finally Swept Up In Mortgage Fraud Arrests
by Msfinancialsavvy.com

In reading about all of the Mortgage Fraud reports I couldn't figure out why
the gangs, mortgage brokers, mortgage lenders, mortgage investors, lawyers and
the like had not been arrested. We saw some of the largest mortgage fraud in
the history of the United States and all that happened is that a few million
innocent homeowners lost their homes and many big cities are now booming with
former homeowners as homeless.

The following is a quote taken from associated press writers
LARA JAKES JORDAN and ALAN ZIBEL, in conjunction with the FBI reports:

Law enforcement officials said their stepped-up focus on mortgage cases aims to combat problems that have grown out of the risky lending practices prevalent until the mortgage market collapse started last year. Officials have identified 10 "mortgage fraud hotspots" nationwide in California, Colorado, Texas, Minnesota, Michigan, Illinois, Ohio, New York, Georgia and Florida.

To people who have committed fraud or are contemplating doing so, FBI Director Robert Mueller said: "We will find you, you will be investigated and you will be prosecuted."

Those named in the cases include housing developers, mortgage lenders and brokers, lawyers, real estate agents and appraisers, said Sharon Ormsby, section chief in charge of financial crimes for the FBI.

In some cases, gang, drug and organized crime investigations have resulted in mortgage fraud cases because such schemes enable criminals to launder money, Ormsby said.

Mortgage foreclosure rescue scams, which promise to help struggling homeowners stave off foreclosure and keep their homes, also have become a major problem, officials said. Typically, unsuspecting owners sign over their homes and then find they are victims of fraud.

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