October 4th, 2011
Econintersect: Some more small fry have been charged with mortgage fraud. According to the Miami Herald last week, twenty South Floridians have been charged with participating in a $40 million mortgage fraud scheme. The indictment, brought by U.S. District Attorney Wifredo Ferrer, charges that the individuals from various aspects of the realty industry (a bank professional, mortgage brokers, a title agent, a home appraiser and several sales agents, according to the Herald) fraudulently obtaining financing money in nearly 200 transactions from 2006-2008. Follow up:
Follow up:The individuals are named in the Miami Herald article, and some of the individual roles are described. Ferrer remarked that this was an unusually large group to be included in a single indictment.
Editor’s note: If justice is casting a net to bring financial fraud perpetrators to justice, is the problem that the really big fish simply shred the net and keep on swimming? No major financial figures have yet been charged with criminal activity for their roles in the financial crisis.
Source: Miami Herald
Hat tip to Roger Erickson