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March 2, 2009
A Florida resident, educator and attorney exposes the underbelly of South Florida mortgage fraud after discovering his taxes were increasing due to unscrupulous acts of fraud surrounding his rental home.
Glenn Terry notes that Florida allowed more than 10,000 convicted felons to obtain a mortgage broker's license to originate loans in the state. Some of these people made a nice living off of getting seller's to agree to double the sales price of their home while a straw buyer bought it and walked off with the proceeds.
Many of those homes fell into foreclosure, are vacant and sometimes burglarized or occupied by drifters. The banks and insurance companies were left holding the bag while the thief ran off with no intention of paying the mortgage.
Read story at The Miami Herald
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