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by CareyBot

Mortgage fraud would be a felony in Arizona punishable by up to 10 years in prison under the terms of legislation introduced by a state lawmaker. Republican state Sen. Jay Tibshraeny of Chandler said the legislation was a response to a growing number of reports of fraudulent and deceptive sales tactics. "Buyer beware of a deal that seems too good to be true. The strings your Realtor or mortgage broker pulls may be illegal," Tibshraeny said in a prepared statement. "These professionals are obligated to act truthfully and responsibly and should be punished if they operate with any other motive." Senate Bill 1221 would make mortgage fraud a class 4 felony punishable by up to three years in prison. Those convicted of participating in a pattern of mortgage fraud cases would face class 2 felon...