Florida has the unfortunate distinction of reporting the most amount mortgage fraud cases than any other state in the nation. In fact, Miami is number four on the list of major United States cities that are most affected, resulting in more than $50 million in losses for Miami-Dade County in 2007 alone.

Put simply, mortgage fraud is a major “pervasive” problem that affects homeowners, lenders and everyone in between. In fact, it also artificially inflates home values and increases taxes, as well as hurts property values.

From Miami-Dade County Mayor Carlos Alvarez:

“… when banks begin to foreclose on fraudulent mortgages and sell these properties far below their original value, the County’s tax base lowers. This may affect the level of services we are able to offer.”

To reduce the prevalence of mortgage fraud schemers Miami-Dade County took a proactive approach, creating a Mortgage Fraud Task Force.

The Task Force includes members from all segments of government and civil services, from the county police Department all the way up to the U.S. Attorney’s Office. This weekend the Mortgage Fraud Task Force was responsible for apprehending 11 people who are suspected of being involved with illegal mortgage fraud activity.

Combine that with recent news that that it is now easier to crack down on mortgage fraud (all parties involved in Mortgage Fraud subject to prosecution as of October 1, 2007) and the State of Florida is well on its way to addressing a major issue that in some way shape or form affects state residents.

And it’s not just those in Florida, either.

Contact the Miami-Dade County Economic Crime Bureau at (305) 994-1000 for more information on the task force or mortgage fraud in Florida.