The Real Deal Miami

Slew of Miami mortgage fraudsters arrested

November 09, 2009 04:16PM

Twenty-two Miami mortgage fraudsters have been arrested during a two-week span thanks to the Florida Mortgage Fraud Task Force. The arrests were made after two years of extensive investigation into an organized crime ring responsible for the loss of nearly $35 million in mortgage fraud. The individuals are charged with carrying out multiple schemes, including pocketing extra funds from inflated home sales contract prices and creating fake payoff letters that allowed them to disguise funds as second mortgages held by home sellers. The Mortgage Fraud Task Force is headed by Miami-Dade county Mayor Carlos Alvarez and is made up of law enforcement officials, prosecutors, business leaders and elected officials. [Mortgage Fraud Blog]