Metro Atlanta Part of Nationwide Mortgage Fraud Crackdown

By Odette Yousef

Atlanta, GA – FBI officials in Washington today announced that a three-month nationwide crackdown on mortgage fraud netted hundreds of arrests. Seven happened here in metro Atlanta yesterday. But federal law officials say mortgage fraud is still a serious problem for the region.

Georgia used to rank number 1 or 2 when it came to mortgage fraud. Last year, the state was number 6 a modest improvement, but, says U.S. Attorney David Nahmias, not enough:

NAHMIAS 1: We've had whole neighborhoods, from inner-city, low-income neighborhoods to the nices, golf-course, gated communities, just be devastated by mortgage fraud.

Federal law enforcement officials in Georgia have arrested roughly 60 people over the last 4 years in mortgage fraud-related activities. Most have been straw buyers, closing attorneys, brokers, appraisers, loan officers, and real estate agents, who artificially inflated property prices to get big loans.

Nahmias advises homeowners who observe suspicious-looking activities at recently-sold properties in their neighborhoods to contact local law enforcement.