California Takes Aim At Mortgage Fraud With New Task Force

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 This material may not be published, broadcast, rewritten or redistributed.)


One Comment

  1. swhitS says:

    Wrong place they are all on Wall Street.

  2. Phiilip says:

    A solution in search of a problem..

  3. Woody McBreairty says:

    Kamala Harris is kickin’ her some ass – showing Antonio to be the turkey he really is

  4. tmc says:

    Some banks are still trying to pull the wool over consumers eyes. They are not following the HAMP program or allowing people to get loan modifications. That is also something the Attorney General needs to look into.

  5. Alicia Mejia says:

    I will like to see if I can get help, regarding the loan modification with GMAC, I have been tying to get a loan modification for over 2 years already with no results, we were approved twice but the approval was cancelled and issue a denial twice, GMAC, does not respond to our phone calls, I have an ARM loan and the principle balance keeps growing,, we started at around 620,000 and now it’s almost 700,000, in 6 years, I really need help, I need an experience attorney, I heard on channel 9 news, about a special program for loan modification successful stories, Please help

    1. Diane says:

      I also am in need of an experienced loan modification attorney. Please let me know if u find one.

  6. JESSICA says:

    Identity theft and the use of fictional identities has fueled an enormous crime wave in this country. There isn’t enough law enforcement to investigate and fictional people can’t be prosecuted.. Which makes the use of fictional identities the perfect accessory for organized financial crimes, such as real estate fraud.

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