If an individual convinces a financial institution that he or she has a legitimate title to a property, secures a mortgage and keeps the money – it is technically not illegal under current law. That may change with a package of legislation unanimously approved by the Senate Committee on Banking and Financial Institutions this week.
Prosecutors currently charge such individuals under other statutes, such as uttering and publishing; however, they claim these practices are not sufficient. The bi-partisan sponsored and supported package, Senate Bills 43, 44, 249, 250, 251, 252 and 253, make mortgage fraud a felony with significant fines and prison time.
Labels: mortgage fraud