California Real Estate Fraud Report

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California AG Creates Mortgage Fraud Task Force

Firing her shot across the bow, California Attorney General Kamala Harris announced today that she is creating a mortgage fraud task force to deal with the ongoing causes and effects of the financial calamity causing by irresponsible lending practices.

The task force will consist of 17 attorneys and eight special agents from the California Department of Justice and focus on these three areas:

(1) Corporate fraud in the bundling of mortgages into securities where lenders knew the securities were toxic. Harris indicated she may use the California False Claims Act to prosecute wrongdoing;

(2) Loan modification scams (foreclosure fraud), in which attorneys and so-called “foreclosure consultants” took upfront fees, promising homeowners in distress they would negotiate loan modifications but did little or nothing.

(3) Lending practices that Harris termed fraudulent in terms of how the loan product was presented to prospective borrowers (loan fraud).

What I found especially heartening, was AG Harris’ promise that “no case will be too big or too small to pursue” if the evidence to prosecute exists.

Read the full article in the Los Angeles Times.

© Copyright 2007-2018 Monique Bryher

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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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