Tuesday, June 30, 2009

In The Mortgage Fraud Business? Beware!

New Jersey Attorney General Anne Milgram is set to announce mortgage fraud indictments Tuesday as the industry grapples with fallout from the housing market collapse. Milgram's office has already filed three civil lawsuits against companies and people it claims were cashing in on the ongoing mortgage crisis. The allegations include charging high fees to homeowners trying to stave off foreclosure and luring people to buy properties under false terms. According to the Mortgage Asset Research Institute, the number of mortgage fraud reports nationwide grew 26 percent over the year before. AP.

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