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Florida Fraud Scheme Targets Reverse Mortgages HW+

Jul 07, 2011By

In what is a rare event involving reverse mortgages, four people have been indicted in a mortgage fraud scheme involving 14 reverse mortgages totaling $2.5 million dollar. Although such cases are rare, the report comes at a time when the industry is already fending off negative reports about tax and insurance defaults and the exits of major banks, Bank of America and Wells Fargo.  According to reports, the indictment is the first case of its cased to be filed in federal Southern District Court. This type of fraud is not about problems with reverse mortgages or the HECM product. It

3d rendering of a row of luxury townhouses along a street

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