Mortgage Fraud Becomes a State Crime in California

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  California mortgage fraud

  Mortgage Fraud Becomes a State Crime: As of January 1, 2010, anyone who deliberately makes any misrepresentation or omission during the mortgage lending process with the intent of influencing that process will be guilty of mortgage fraud under California law.  A violation of this law is a crime punishable by one-year imprisonment.  Under existing federal law, loan fraud against a federally-insured lender is a crime punishable by a $1 million fine, plus one-year imprisonment (18 U.S.C. section 1014).  Senate Bill 239.

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