Mortgage fraud targeted by prosecutors, new law

By JENNIFER CHEN
Capital News Service
LANSING – The long arm of justice is eventually nailing some of the scam artists whose mortgage frauds contributed to the national recession, according to the U.S. Attorney’s offices in Detroit and Grand Rapid. Federal court convictions and a new state law are part of the effort to attack mortgage fraud. Michigan had the seventh-highest foreclosure rate among the states in 2010, according to a FBI report. “Mortgage fraud is a serious problem in the state. Every day, scam artists take advantage of people desperate to keep their homes,” said Joy Yearout, deputy director of communications for Attorney Gen. Bill Schuette.