Arizona Targets Mortgage Fraud

Here is an interesting development! Only two other states in the union have such a specific law.

State targets mortgage fraud: “A wave of mortgage fraud in the Valley has prompted state legislation that would define it as a crime punishable by up to 10 years in prison.

A day after The Arizona Republic’s special investigation into cash-back mortgage deals, Sen. Jay Tibshraeny of Chandler introduced a bill that would make mortgage fraud a felony.

‘Mortgage fraud hurts everyone,’ said Tibshraeny, who has been working on the legislation for months. ‘Buyer, beware of a deal that seems too good. The strings your Realtor or mortgage broker pull may be illegal.’ “

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