Real Estate Crime Unit Formed In Brooklyn, New York

Real estate crime was endemic across the country when prices were running up in the middle of this decade. The lack of focus by law enforcement created the situations that criminals just jumped in and started stealing homes. By either forging documents and refinancing or creating false values, there was a great deal of fraud and theft.

Now in high foreclosure areas such as Brooklyn, New York, there is an active effort by governments to start prosecuting  the criminals.

I say go for it

The need for such an office has been building, Mr. Hynes said, announcing the new unit on Friday. As foreclosure rates have sharply risen in central Brooklyn neighborhoods like Bedford-Stuyvesant, Mr. Hynes’s office, with limited resources, has been forced to turn down real estate investigations, and instead has referred victims to civil court or relied on federal prosecutors, who generally concentrate on larger schemes.

Mr. Hynes said the new 12-member unit would be financed for two years with $875,000 in federal money and would help people like Levi Latham, 75, a Brooklyn retiree whose house was, in effect, stolen by a woman who took Mr. Latham’s personal information, a prosecutor said. After executing and recording a false deed, the woman is now listed as the owner of the house. via NYTimes.com

Related posts:
  1. Hard Money Real Estate Investor Bilked Investors Out of 20 Million Dollars
  2. A.I.G. Witch Hunt Could Ruin New York City Real Estate
  3. Consolidation in Upstate New York as Prudential and Hunt Real Estate Merge
  4. More Downward Pressure For New York Real Estate As Wall Street Bonuses Down 44 Percent
  5. Single Woman 2nd Largest Demographic of Real Estate Buyers

There Is 1 Response So Far. »

  1. This is sad, local government and law enforcement should be aggressive.

Post a Response

« Back to text comment
  • Popular

    Most Comments

    Search

    Tags

    Archives

  • Recent Comments

    • i grew up in the NO and i was told by my parents dont back down from no n and ...
      5047THYUNGTRED | 5Nov09 | More
    • This should be interesting to watch. Thanks for the heads up
      Evans Real Estate | 4Nov09 | More
    • As for Tyler,for these days,we can trust the big guy. Let's hope that he learned new strategies to lessen the ...
      Central Oregon Homes | 4Nov09 | More
    • In real state business, bad decisions are avoided as much as possible and timing takes it all. Because in just ...
      Central Oregon Homes | 4Nov09 | More
    • kennie0001@googlemail.com emailed me also. Beware, this guy is fake. What a loser.
      Steve N | 4Nov09 | More
    • So therein lies the same problem that we face on many things. Should we believe that bigger is better ...
      Portland Real Estate | 4Nov09 | More
    • I purchased my home in Dec.2007,will I qualify for the credit,if not that is not right,because we all are first ...
      penny | 4Nov09 | More
    • Very Recently, there has been a great deal of inquiries by the American FTC against bloggers and website promoters for not ...
      Cribialub | 4Nov09 | More
    • yahhhh, I would DEFINITELY challenge the number 1 and 2 spots. I lived in Milwaukee, now Cedarburg outside it, and ...
      Bryan Pulda | 4Nov09 | More
    • Just goes to show no matter how much money you have, you have to manage it wisely.
      Tony Sena | 4Nov09 | More
  • Statistics

  • Friends

  • Recent Friends Visiting

  • Subscribe





    Get Updates Delivered Daily By E-Mail:

    Delivered by FeedBurner