Thursday, April 16, 2009

NYC Prosecutors Slow to Stop Foreclosure Fraud

According to Jennifer 8. Lee of the New York Times, since 2000, foreclosure fraud in NYC has "surged" but prosecutions of the fraudsters has been slow, at best.

Although mortgage and deed fraud are among the most economically destructive crimes prosecuted by their offices, many potential deed-theft and mortgage-fraud cases are not prosecuted since they are typically complex and time consuming — taking upward of a year.

With the large amount of real estate in New York, this inevitably would be a prime market for housing fraud. It does seem that the amount of fraud could be overwhelming for the city's prosecutors, so what should be done? What systems should be implemented to combat this type of fraud?



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1 comment:

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