Funding For Arizona Mortgage Fraud Probes Cut Off By Legislature

In Arizona, The Associated Press reports:

• At least 40 investigations of mortgage fraud and other illegal lending practices in Arizona are stalled because of a funding shortage. The Arizona Department of Financial Institutions has only two consumer investigators to keep up with more than 800 mortgage complaints this year. [...] To tackle the flood of complaints this year, the regulator hired independent investigators. But a plan to keep paying those contractors stalled during the last legislative session because some lawmakers said the mortgage industry should self-regulate. Now, dozens of investigations into mortgage fraud and other bad loans are waiting until the agency's investigators can get to them.

For more, see Lack of funds stalling Az probes into mortgage fraud.