Newly approved legislation criminalizes mortgage fraud for the first time in Florida, where the crime has reached epidemic levels in the wake of a real estate boom fueled in part by risky loans. Florida leads the nation in mortgage fraud. Cases have been prosecuted up to now under grand theft and wire fraud laws. The bill would make mortgage fraud a third-degree felony punishable by up to five years in state prison. If signed by Gov. Charlie Crist, the law would take effect Oct. 1.
May 08, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Newly approved legislation criminalizes mortgage fraud for the first time in Florida, where the crime has reached epidemic levels in the wake of a real estate boom fueled in part by risky loans.
Florida leads the nation in mortgage fraud, and Miami-Dade and Broward counties lead the state.
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