Federal Commission: Florida Played Starring Role In Mortgage Fraud Problem That Led To Untold Trillion$ In Crappy Loans

In Miami, Florida, The Miami Herald reports:

• Mortgage fraud is responsible for untold trillions of dollars in bad loans currently defaulting across the country, and Florida has played a starring role in the tragedy, a federal commission said during a hearing in Miami on Tuesday.

• A panel of national and local experts sat before the federal Financial Crisis Inquiry Commission during a hearing focused on liar's loans, predatory mortgage practices and shady home appraisals. They concluded that the financial impact of the fraud was more severe than most have estimated, and prosecuting those responsible will be nearly impossible.

For more, see Florida led nation in mortgage fraud, federal commission says (Experts discussed Florida's multibillion-dollar mortgage fraud problem during a hearing hosted by the federal Financial Crisis Inquiry Commission).