In the conclusion to a scheme that began in 2006, a fourth defendant will face a criminal sentencing later this fall. The white collar crime case involved mortgage applications for 12 luxury homes in Florida. Three other defendants-all purported home buyers-are already serving prison terms. This defendant served as their realtor.
The FBI frequently issues informative bulletins to explain its investigative work. This month it returned to a 2011 mortgage fraud prosecution from the Miami area. The FBI says this case "illustrates" mortgage fraud prosecutions.
Over eight months ago mortgage companies and giant banks across the nation promised to clean up their acts when it came to mortgage documents. As the housing bubble burst, and the mortgage industry collapsed, many large lenders and banks came under scrutiny for their foreclosure practices.