— Pushpa Sathish, Staff Writer
Arizona is waking up to the fact that fraud in its mortgage industry is taking a significant toll on its real estate value. The large number of cash-back deals of late has induced a state legislation, which if passed, will make mortgage fraud a felony. The bill, introduced by Sen. Jay Tibshraeny of Chandler, seeks to punish offenders with up to 10-year sentences.
Cash-back deals are swindles that work by obtaining mortgages that are much more than the actual values of the houses; the difference from the real value is pocketed as …
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