Arizona Lawmaker Introduces Legislation To Aid Prosecutors In Pursuing Mortgage Fraudsters
An Arizona state senator introduced Senate bill 1221 yesterday in the Arizona legislature, which would reportedly make it easier for state prosecutors to prosecute mortgage fraud in Arizona, according to this article in The Arizona Republic, reported at azcentral.com.
Felecia Rotellini, superintendent of the Arizona Department of Financial Institutions, "[s]aid her agency was deluged with calls Monday from people reporting cash-back deals and other potential mortgage fraud" in response to Sunday's story in The Republic (which I posted on here).
According to the article, "Sunday's ... story also struck a cord with people in the real estate industry and homeowners across the Valley as more than 350 people e-mailed or phoned with concerns or accounts of deals they thought were fishy. [...] Dozens of people provided details on cash-back deals or sales that suggested cash-back pricing. Most asked to remain anonymous."
Complaints or concerns about cash-back deals can be filed with the Arizona Department of Financial Institutions and the Arizona Department of Real Estate.
The article also contains links to the following four local Channel 12 video reports on "cash back" mortgage fraud sweeping Arizona (which I posted on Sunday):
Felecia Rotellini, superintendent of the Arizona Department of Financial Institutions, "[s]aid her agency was deluged with calls Monday from people reporting cash-back deals and other potential mortgage fraud" in response to Sunday's story in The Republic (which I posted on here).
According to the article, "Sunday's ... story also struck a cord with people in the real estate industry and homeowners across the Valley as more than 350 people e-mailed or phoned with concerns or accounts of deals they thought were fishy. [...] Dozens of people provided details on cash-back deals or sales that suggested cash-back pricing. Most asked to remain anonymous."
Complaints or concerns about cash-back deals can be filed with the Arizona Department of Financial Institutions and the Arizona Department of Real Estate.
The article also contains links to the following four local Channel 12 video reports on "cash back" mortgage fraud sweeping Arizona (which I posted on Sunday):
- How the cash-back deals work
- How the deals affect you the consumer
- Cracking down on the fraudulent scheme
- 12 News: Arizona lawmakers looking to punish those involved in mortgage fraud
See related article reported by the Arizona Daily Star at azstarnet.com:
(revised 1-23-07, 6:46 a.m.)
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posted by Home Equity Theft Reporter at 12:02 AM
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