Industry News

Michigan unveils real estate fraud-fighting bill

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Michigan House Republicans on Monday unveiled a bill package to help stop the increasing number of mortgage fraud cases in the state by making the crime a felony and freeing millions of dollars to investigate and fight mortgage scams. State Reps. Rick Baxter, Fran Amos and Jim Marleau unveiled the bills at news conferences in Lansing and Oakland County. The state's mortgage fraud losses have skyrocketed from almost $9 million in 2003 to $26 million in 2005, according to the FBI. "The only thing worse than Michigan's current economic crisis is a criminal who uses that crisis to victimize people," said Baxter, R-Concord. "Many families and especially senior citizens looking to refinance their homes have been tricked and cheated out of property they've owned for years, and anybody who would do such a horrible thing belongs behind bars." House Bill 6267, introduced by Baxter, allows money in the Real Estate Enforcement Fund to be used by the state Attorney General's Office to investigate...