Boca Raton Real Estate

Mortgage inquiries focusing on Florida

WASHINGTON - Oct. 20, 2008 - New data from the Justice Department shows that federal prosecutors and investigators have launched 151 criminal investigations of potential mortgage fraud at financial institutions since October 2007.

Federal prosecutors appear to have trained their focus geographically, as nearly half of the cases, or 69, were opened in South Florida, followed by 24 in the Pittsburgh area; and an average of 10 cases are underway in southern and central California, northern Georgia, and southern New York. Only a fraction of the major cases have been completed and triggered convictions or settlements.

The FBI is also assisting federal, state and local agencies on about 1,400 mortgage fraud investigations involving smaller companies and individuals.

Source:
New York Times (10/16/08) P. B10; Browning, Lynnley

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