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PBC ranks fifth nationwide in suspicious mortgages

March 07, 2012 01:30PM

Palm Beach County is ranked fifth in the country on a list of areas with the most suspicious mortgage loans, according to a report from the Financial Crimes Enforcement Network, up from seventh in the fall. Much of the activity could be coming from short sales, which can involve fraud in the appraisal process. “Oftentimes, there is collusion between the borrower and the seller to complete the short sale,” said Fort Lauderdale attorney Robert Murphy. Broward County ranked 7th on the list, according to the Sun Sentinel, and Miami-Dade County was ranked 17th, down from the top spot a year ago. [Sun Sentinel]