Mortgage fraud on the rise in Tampa FL and across the U. S.

TAMPA — A leading cause of the foreclosure deluge that has swamped Tampa Bay's housing market is mortgage fraud, so it was welcome news in November when federal prosecutors announced they had nailed some of the culprits.
A nine-month investigation nabbed more than 100 defendants and 700 properties across a region that includes Tampa, Orlando, Jacksonville and Fort Myers. The U.S. attorney for the Middle District of Florida said he hoped the sweep would send a clear message to the public.
"Mortgage fraud will not be tolerated," said A. Brian Albritton. "We must protect the integrity of the real estate market in our communities."
Albritton said the cases were a "surge" that was never meant to ensnare the larger players, at least not yet. In the months ahead, he said, prosecutors will try to get those charged to identify higher-level conspirators, such as ring leaders or industry insiders.
If anything, the surge shows the limitations of prosecuting mortgage fraud, despite its ubiquity.


Link: http://www.tampabay.com/news/courts/criminal/article1062518.ece