Thursday, July 3, 2008

Wisconsin Bans Charges For Real Estate Fraud

The current mortgage crisis in the US has been a key talking point in the news as well as in several of our previous discussions on this blog including this post where we reported that 67 people were charged with mortgage fraud in Chicago, and 28 were recently charged in Michigan

In related news concerning the crisis, reported that the Wisconsin Supreme court has decided to bar fraud charges in regards to home sales. The court was divided with a 4-3 majority winning. Homeowners who feel that they have been the victim of fraud will still be able to seek damages in the court of law, however, as Rudolph Kuss a Brookfield attorney stated “Time limits are more restrictive and it's harder to collect penalties under some other options.

Justice Ann Walsh, who sided against the majority opinion, believes that sellers may feel more able to "look the buyer in the eye, lie about the condition of the home, and escape legal consequences."

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