The Real Deal Miami

One hundred arrested in loan schemes

June 26, 2008 01:09PM

More than 100 people in South Florida have been arrested for fraudulent home-loan schemes
in less than a year, including 19 caught in the past week. The FBI and
Department of Justice launched the Operation Malicious Mortgage program
last week to bust such scams. It proved effective: 400 people were
arrested nationwide for alleged crimes committed in the past three months. The
Mortgage Asset Research Institute reported Florida had the highest
number of misrepresented loans in the country between 2006 and 2007.