Tougher mortgage fraud penalties eyed
Mortgage fraud is on the rise, and the Texas Legislature may take a giant step to squash it. Instead of penalizing mortgage fraud perpetrators under general fraud laws, a pending bill would establish specific punishments for mortgage fraud, including imprisonment for up to 20 years and fines of up to $10,000 for knowingly making false statements...Early mortgage defaults, a sign of fraud, are problems in large Texas cities. Houston ranked as the third-worst city for loans originated between 2002 and '05. Dallas-Fort Worth ranked sixth. San Antonio tied for No. 11 with Columbus, Ohio, making these cities "potential fraud hot spots," according to the institute.