by | last updated on January 21, 2016
FBI statistics indicate that there were approximately 47,000 mortgage fraud reports in 2007, representing more than a 30% increase from 2006 and double the amount reported in 2000. Over the past decade mortgage fraud has resulted in more than $1 billion in losses. Government law enforcement officials from a variety of agencies have become very aggressive in investigating and prosecuting mortgage fraud schemes.The penalties associated with being convicted of mortgage fraud are severe. Robert Malove to provides experienced criminal defense in the Fort Lauderdale and Miami area to individuals facing allegations of mortgage fraud.Between March 1 to June 18, 2008, 406 defendants were arrested as a result of a federal law enforcement initiative dubbed Operation Malicious Mortgage which resulted in 144 mortgage fraud cases. This operation demonstrates the strong response taken by law enforcement agencies around the country and the U.S. Department of Justice to protect the U.S. housing industry and financial markets world wide from the threat posed by mortgage fraud.

Mortgage fraud involves a misstatement, misrepresentation, or omission that is material and which was relied upon by a mortgage underwriter or other lender such as a bank to finance, buy, insure or otherwise process a loan.

Operation Malicious Mortgage targeted three types of mortgage fraud:

  • Lending fraud often involves financial transactions premised upon false representations concerning the borrower’s financial status, such as artificially inflating the borrower’s financial situation, using phony employment records or overstating property values.
  • Foreclosure rescue scams zero in on legitimate homeowners who are under tremendous financial pressure. These operations fraudulently collect money for the purpose of preventing foreclosure or to obtain an ownership interest in residential real estate.
  • Fraudulent mortgage schemes are sometimes connected to filing fraudulent bankruptcy documents to hold off foreclosure.

These types of allegations are quite serious. Under the United States Sentencing Guidelines, prosecutors usually seek to hold defendants accountable on the intended loss not only the actual loss caused by the fraudulent scheme. Defendants also face additional punishment exposure depending upon the level of sophistication used to accomplish the scheme as well as the role they played in the scheme.

Prosecutors attempt to pump up the intended loss amount in federal mortgage fraud cases in order to increase the advisory sentencing guideline range. Attorney Robert Malove has the background experience and training to effectively challenge the government’s loss determinations, which could reduce the sentencing guidelines sentencing range and lower the possible punishment.

No matter where you may find yourself in the criminal justice process: pre-arrest / grand jury proceedings; bail / pre-trial detention; pre-trial discovery; motion practice / evidence suppression; trial; sentencing, or appeals / post-conviction relief, Board Certified Criminal Trial Lawyer Robert Malove will expertly handle every aspect of your unique mortgage fraud accusation.

Miami Attorney Robert Malove accepts cases throughout the United States. If you have been involved in the types of mortgage fraud described, or have questions and want more information and need immediate attention, call Robert Malove.