The Real Deal Miami

Crackdown on mortgage fraud

May 04, 2009 04:27PM

Florida politicians want the state to return to being known as the sunshine capital, not the national hub of mortgage fraud. Legislation calling for background checks and increased scrutiny for mortgage professionals passed the legislature last week and will go before Governor Charlie Crist soon. He’s expected to sign it into law. Reports last year showed that as many as one in four mortgages was tainted by some aspect of fraud, and at least 10,000 people with criminal histories were involved in the mortgage business.