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Florida Fights Rising Fraud
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December 30, 2008
Florida regulators are proposing the renewal of a state fund to compensate victims of mortgage fraud. Up to $50,000 would be provided to borrowers defrauded by mortgage brokers.
The state is also making it tougher for brokers who have been convicted of fraud to obtain a license. The Miami Herald identified at least 20 mortgage brokers who were convicted of mortgage fraud after obtaining their license and were still allowed to originate loans.
Fraud in Florida is the highest of any state -- with around one-quarter of all U.S. mortgage fraud occurring in the Sunshine State.
Read story at The Miami Herald
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