Georgia Governor proposes new mortgage fraud legislation
Georgia’s governor and members of the Georgia Senate have introduced legislation that would create a special unit designed to combat mortgage fraud.
The Atlanta Journal Constitution has the story.
Currently, Georgia ranks fourth in the nation for mortgage fraud. It is estimated that mortgage fraud referrals have cost Georgia around $145 million from 2005 to 2008. The special law enforcement unit that has been proposed would investigate crimes involving mortgage fraud throughout the state. Legislators hope that the unit will act as a deterrent and result in more prosecutions. If the unit is created, it will draw resources from the Georgia Bureau of Investigation as well as the Department of Banking and Finance.
Under Georgia’s Residential Mortgage Fraud Act, a person convicted of mortgage fraud may receive a one to ten year prison sentence as well as a $5,000 fine. If a person engages in a pattern of mortgage fraud, he or she could face a three to 20 year sentence and a $100,000 fine.
Our criminal defense attorneys have successfully represented numerous clients charged with mortgage fraud, including brokers, attorneys, investors, agents, appraisers and "straw-buyers.". A key element of mortgage fraud is knowledge. In other words, the state must be able to prove that a person knowingly engaged in the alleged fraud. A good criminal defense attorney will intervene early to work with prosecutors and law enforcement to show that his client had no knowledge of any alleged fraud or illegal activities. This early intervention can often lead to dismissed or reduced charges well before trial. Our lawyers have been able to get several mortgage fraud charges dismissed or successful resolved well before an indictment or trial.
