Kendall Coffey

Former U.S. Attorney Kendall Coffey said the new state law criminalizing mortgage fraud for the first time “is a forcible statement on the step-up that can be expected from state prosecutorial and investigative resources.”

“The magnitude of the problem is beyond the necessarily limited federal resources,” he said.

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While federal agencies typically focus on organized fraud rings and conspiracies, Coffey said so-called single-borrower fraud marked by inflated values and “understated liability to stretch up for a purchase that the borrower can’t justify are so numerous that you need a concerted effort with state and local authorities.”

News & Events

MORTGAGE FRAUD

Diverse combatants enlist to fight mortgage fraud

by Terry Sheridan

July 9, 2007 | Daily Business Review

Rampant mortgage fraud in South Florida has shined a spotlight on the crime like never before.

Partnerships of banking regulators, law enforcement agencies and industry groups are pooling their expertise and manpower.

The U.S. attorney’s office, FBI and state and local agencies have organized the South Florida Mortgage Fraud Working Group.

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Former U.S. Attorney Kendall Coffey said the new state law criminalizing mortgage fraud for the first time “is a forcible statement on the step-up that can be expected from state prosecutorial and investigative resources.”

“The magnitude of the problem is beyond the necessarily limited federal resources,” he said.

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