41 Charged in $40 Million Florida Fraudulent Mortgage Scheme

Federal prosecutors say 41 people have been charged in the latest round of South Florida mortgage fraud schemes.

The charges stem from six separate cases involving some $40 million in fraudulent mortgages. Some cases involve fraud at nearly every level of the transaction, from purchasers to lenders to title companies.

Acting Miami U.S. Attorney Jeffrey Sloman says an anti-fraud initiative in South Florida has resulted in charges against 218 people since 2007. The total fraud was pegged at more than $268 million.

Sloman says Florida overall is one of the nation's top five states for mortgage fraud and that it hurts homeowners by causing more foreclosures and falsely inflating or deflating home prices.