Auditing firm launches multi-state fraud investigation

MFI-Miami, a Florida-based mortgage fraud investigation and auditing
firm, is launching an investigation into securities firms and banks
for allegedly performing illegal foreclosures in New York and five other states,
the firm announced yesterday. The investigation will look at
foreclosure actions filed between 2005 and 2008 in New York, Florida,
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