AZ Sen. Kyl backs $200 million fund to prosecute real estate fraud
N ew national legislation calls for setting up a $200 million fund to help states prosecute mortgage and real estate fraud cases.
Sen. Jon Kyl (R-AZ) is teaming with Charles Schumer (D-NY) to back the Fighting Real Estate Fraud Act of 2009, which would set up a grant program that local prosecutors, state attorney generals and Native American Tribes could apply for to fund investigations.
Arizona is in the top 20 states for mortgage fraud, according to a Federal Bureau of Investigation report issued earlier this year. Mortgage giant Fannie Mae ranked Arizona no. 5 for the highest rate of "significant misrepresentations" discovered …
