Georgia has reportedly topped the nation in both fraudulent mortgage transactions and mortgage fraud investigations. In response,
- The U.S. Attorney's Office for the Northern District of Georgia has been very active in prosecuting mortgage fraud.
- The Georgia Assembly passed the Georgia Residential Mortgage Fraud Act effective May 5, 2005 that, among other things, adds this crime to the list of crimes which can be prosecuted under Georgia's Racketeer Influenced and Corrupt Organizations ("RICO") Act. The Georgia Attorney General has implemented an aggressive campaign to enforce the new Act.
- The Office of Federal Housing Enterprise Oversight ("OFHEO") proposed new regulations on February 22, 2005, that would require the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Mortgage Corporation ("Freddie Mac") to develop enhanced procedures for detecting and reporting mortgage fraud.
The victims of mortgage fraud include banks, mortgage companies, investors and home buyers, among others, and unsuspecting participants in fraudulent transactions (including contractors, mortgage brokers, loan officers, real estate agents, property appraisers and attorneys) may find themselves targeted in a criminal investigation.
Legal expertise in this complex area can be critical to prevent fraud, recover loss, and minimize exposure. The various sources of recovery, such as fidelity bonds, commercial crime bonds, title insurance and professional malpractice insurance, must be tapped quickly and effectively to maximize recovery.
Powell Goldstein 's Mortgage Fraud Team
Our firm understands and addresses problems arising out of mortgage fraud. Each of the attorneys on our Powell Goldstein Mortgage Fraud Team has represented clients in their efforts to deal with mortgage fraud issues. Our team is comprised of seasoned attorneys who have worked in the fields of mortgage lending, banking, real estate transactions, white collar crime, professional liability, financial and commercial litigation, and other areas that are implicated by mortgage fraud. In addition, our attorneys can provide guidance for designing and implementing procedural safeguards to detect and prevent fraudulent mortgage practices.
Representative Matters:
- Mortgage companies seeking to recover losses from mortgage fraud
- Professionals, mortgage brokers and loan officers defending against allegations of mortgage fraud
- Entities and individuals targeted by criminal investigations of mortgage fraud
- Developers and owners of properties affected by mortgage fraud
