State lawmakers pass mortgage fraud bills

LANSING (AP) -- Michigan lawmakers approved legislation Wednesday aimed at cracking down on mortgage fraud. The state Senate approved a package of bills to create a specific crime for mortgage fraud and make that crime a felony punishable by up to 20 years in prison and a $500,000 fine. Penalties for forging real property deeds or obtaining real property by false pretenses would be increased. Penalties would increase based on the amount of money violators obtained through the fraud. The Senate passed key bills in the package unanimously. The House had already passed the bills, which are now on their way to Gov. Rick Snyder for his signature. The bills increase the statute of limitations for crimes involving real property transactions from six years to 10 years. The penalty for violating the state's notary public law would increase from one year in prison to four years in prison. "Mortgage fraud victimizes many consumers each year, but its impact is felt by the entire community and all taxpayers," Sen. Darwin Booher, R-Evart, said in a statement. "These bipartisan reforms specifically combat mortgage fraud in Michigan by giving law enforcement officials the tools necessary to crack down on these criminals." Published: Fri, Oct 14, 2011