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California Takes Aim At Mortgage Fraud With New Task Force

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(credit: istockphoto.com)

(credit: istockphoto.com)

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LOS ANGELES (AP) — California is taking aim at the mortgage lending industry.

KNX 1070’s Ed Mertz Reports On Creation Of Mortgage Fraud Task Force

State Attorney General Kamala Harris says the new Mortgage Fraud Strike Force includes a team of 17 lawyers and eight special agents from the state Department of Justice.

Harris tells the Los Angeles Times that unscrupulous lending still haunts the state and the task force will target scams, corporate fraud and lenders that prey on troubled borrowers.

The attorney general will outline task force details during an afternoon Los Angeles news conference.

The task force will be looking for corporations that bundled mortgages and sold them as securities to the state or its pension funds under false pretenses.

Scams involving consultants, lawyers and others who took fees from people in foreclosure are also being scrutinized.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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