Residential and commercial mortgage fraud is a rapidly growing problem that affects a broad range of business entities, professional firms and individuals. It results in civil, criminal and administrative proceedings in which experienced counsel is needed. Powell Goldstein's Mortgage Fraud attorneys have handled litigation, governmental investigations and criminal matters concerning mortgage fraud and understand the special issues that mortgage fraud involves.

Background

Georgia has 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 this year 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 begun 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, title insurance 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 closing 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 explored 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.

We have represented clients in the following categories of matters involving mortgage fraud:

• 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