USA property mortgage fraud leads to 105 arrests

5 November 2009

Mortgage brokers, estate agents, vendors and purchasers were among 24 people arrested as part of a crackdown on organised mortgage fraud in Jacksonville, USA.

The nine-month investigation by federal officials has so far led to the arrest of 105 people in total, including £270m in false mortgage loans and involved more than 700 USA properties in Florida's Middle District. The 24 cases in Jacksonville involved more than 200 US homes.

Brian Albritton, the US attorney for Florida’s Middle District, which includes Jacksonville, Tampa and Orlando, said in a statement to the press that the jump in fraudulent mortgage cases has been “epidemic.”

While the Florida property market ranks high on mortgage fraud rates, mortgage fraud cases are being pursued across other parts of the States, particularly in the California property market.

Albritton said he expects more arrests to be made.

“If you lie on a mortgage or loan application, you will be caught and you will be prosecuted,” Albritton said.

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