Consumer Law

Minnesota gives mortgage fraudsters a free pass

By Sam Glover

In case you have been living in a box for the last 12 months, mortgage fraud is a big problem. It is very hard, sometimes impossible to help the defrauded consumers, since fraudsters tend to refuse to cooperate in civil lawsuits, and judges are reluctant to compel them to do so. Uncollectible default judgments are common.

But since mortgage fraud is a crime, it seems logical that the state should start enforcing its laws and holding mortgage fraudsters accountable through the criminal justice system, right?

Not Minnesota, land of 10,000(+) mortgage frauds:

As for mortgage fraud, “We don’t have the staff or funding to address it,” [Edina Police Chief Mike] Siitari said. “We have hundreds of cases of backlog.”

So they are giving up. Giving up on the crime that is driving the country into recession, and making Minnesota a haven for mortgage fraud! If there was ever a time to call your representative, that time is now. Mortgage fraud hurts everyone, from those defrauded to honest realtors and mortgage brokers. It needs to stop. Call your representative and demand funding for mortgage fraud investigation.

[via Behind the Mortgage]

Full post as published by Caveat Emptor on March 26, 2008 (boomark / email).