The Real Deal Miami

Obama targets loan fix scams

April 07, 2009 10:42AM

A government anti-fraud initiative is the next step in stabilizing the housing crisis, by protecting people who’ve already fallen victim to financial problems from further financial woes. South Florida is a hotbed of loan modification companies, and some of them do not have their clients’ best interests at heart. Glenn Theobald, chief legal counsel of the Miami-Dade police department and chairman of Mayor Carlos Alvarez’s mortgage fraud task force, said there’s plenty of demand for loan modification services, but people in dire financial straits can’t tell which companies are honest.