California Real Estate Fraud Report

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24
Mar

Bad News for Consumers

Note: Even though the following post is out-of-state, it shows more dark days ahead for home owners and other consumers.

Due to a combined lack of funding and understaffing, the Minnesota Financial Crimes Task Force has decided to no longer investigate mortgage fraud cases.  Cases, if they are to be investigated, will fall on the shoulders of federal authorities in the Twin Cities area, including the FBI and prosecutors in the U.S. Attorney’s Office.

Financial crimes such as mortgage and real estate fraud are often very time-consuming. According to Chris Omodt, a Hennepin County Sheriff’s lieutenant who heads the task force, such crimes will go unchecked.  Instead, they will focus on the group’s original mission of chasing down identity thieves, check and credit card fraud.

Mike Siitari, Edina police chief and oversight council chairman for the task force states:

“We don’t have the staff or funding to address it.  “We have hundreds of cases of backlog.”

Note: if an agency stops investigating a crime, it no longer exists. This is great news for white-collar criminals - nobody is watching!

Read the Full Article

This entry was posted on Monday, March 24th, 2008 at 9:38 pm and is filed under Loan Fraud, Mortgage Fraud, Real Estate Fraud. Responses are currently closed, but you can trackback from your own site.

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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