MFI-Miami, a Boynton Beach-based mortgage fraud investigation and
auditing firm, is launching an investigation of securities firms
and banks for allegedly performing illegal foreclosures in Florida and five other
states, the firm announced yesterday. The investigation will look at
foreclosure actions filed between 2005 and 2008 in Florida, New York,
Maryland, Massachusetts, Michigan and Virginia. Many of the illegal
foreclosures were on properties with sub-prime loans where the transfer
of ownership was not recorded in local property records, making the
foreclosure action illegal. These cases are particularly common in
states with no judicial oversight of the foreclosure
process, the firm said. TRD