Miami-Dade County Implements Mortgage Fraud Task Force

November 2, 2007

Miami-Dade County implemented a Mortgage Fraud Task Force division to combat the high number of mortgage fraud cases in Miami-Dade County. The Mortgage Fraud Task Force website reveals that the division will be comprised of the following five committees:

• Law Enforcement Committee – responsible for the detection, investigation, apprehension and prosecution of the mortgage fraud subjects and enterprises.
• Legislative Committee – responsible for enhancing current laws, and creating new laws and ordinances.
• Regulatory Committee – responsible for enhancing and enforcing regulations of all parties involved in the mortgage transaction.
• Business Partnership Committee – responsible for creating and transmitting effective business practices to enhance cooperation with law enforcement and between different professions involved in the mortgage transaction.
• Education Committee – responsible for creating public awareness through printed literature, newspaper articles and television reports.

It’s about time something like this was enacted. Maybe now I won’t need to worry about finding new fraudulent transactions in the MLS anymore when compiling my monthly indices, in particular the Brickell Condo Index. Hopefully, this action will put a stop to this type of activity.

Some arrests have been made recently. Take a look at Case #1 and Case #2 to view a nice illustration of how the fraudulent activity took place.

crack crack…That’s the sound of the whip on the hind side of those who partook in fraudulent mortgage activity. These people participated in inflating the real estate bubble well beyond the point of insanity. It’ll be nice once mortgage fraud becomes less commonplace. Now, we’ll finally be able to get an accurate picture of the market.