Feds Charge 41 South Floridians in $40 Million Mortgage Fraud
This afternoon, the team announced its biggest bust yet: 41 South Florida residents charged in $40 million worth of mortgage fraud.
Those 41 people engaged in a staggering variety of crimes, detailed in six federal indictments obtained by Riptide.
But they all shared the basic schemes: faking mortgages to drive up the price of homes, stealing identities, and selling the same properties multiple times to straw companies.
In dozens of cases, they stole homeowners' personal information and then sold and resold their houses until they eventually were foreclosed. Only when the bank came knocking did the scammed residents realize anything was wrong.
Miami's housing market this week has finally showed signs of recovery. Let's hope the next bubble isn't built on quite so much blatant mischief.