California senate takes aim at real estate fraud
California senators yesterday voted to channel more funding toward the investigation and prosecution of real estate fraud in their state.
You can read about the measures in this story in the Los Angeles Times by reporter Patrick McGreevy. Senators, according to the story, say that mortgage fraud is one of the main factors in the explosion of foreclosures in the state.
Here are some numbers: According to the story, Los Angeles County investigated and prosecuted real estate fraud cases last year in which victims lost $13.4 million. This year already — with the year not even half over — Los Angeles County officials have investigated fraud cases involving $18.4 million in losses.
To combat the growth in fraud cases, the California senate voted to allow state counties to increase the fees for filing property purchase documents. These extra fees would be spent on supporting the real estate fraud-investigation untis throughout California.
This is a good move. States need to be serious when pursuing mortgage fraud. Having properly funded investigation and enforcement units is the best way to do this.
Tags: California, mortgage fraud, real estate fraudRelated Stories
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