Question:

What are the penalties for mortgage fraud?

Answer:

Penalties for mortgage fraud will usually range from one to ten years in jail plus having to pay several hundred thousands to a million. While some participants in a mortgage fraud scheme probably get what they deserve, there are many who will get two years in jail and will be out, having ruined the life of many families.

Well, recently a $160 million dollar fine was imposed on an individual who set up companies to originate and service poor subprime loans, while selling them to a bank. Also, there have been loan officers sentenced from 25 to 40 years of prison recently for submitting falsified information on hundreds of properties.

Due to the severe increase of mortgage fraud cases, penalties for mortgage fraud are getting harsher, too.

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Common misspellings: mortage and morgage