Property Task Force Protects Homeowners
By DOMENICK RAFTER
New procedures announced by Mayor Mike Bloomberg last week will make it easier to track down those committing mortgage frauds.
The program, created by the city's Financial Crime Task Force with help of the district attorneys of all five boroughs, seeks to catch questionable trends that could be signs of fraud taking place.
The Financial Crime Task Force conducted an analysis of mortgage fraud in New York City and nationwide to identify common traits of fraud and develop a search methodology to find fraud in City data, called "digital fingerprints." With input from experienced mortgage fraud prosecutors from the five DA offices, the methodology was improved and refined. The task force will apply its new tactics to ACRIS, the City's public property records database, and with information accessed from other City databases, compile "Unusual Property Activity Reports" for distribution to law enforcement agencies for follow up.
Examples of what the task force considered "strong indicators of fraud" include: homes or properties that changed owners multiple times in a short period of time at varying sale prices; transfers of title at far below market prices; and properties sold at values just below thresholds for mandatory reporting or tax filings.
"Mortgage fraud has quite literally stolen the American Dream of owning a home from many New Yorkers, especially in Southeast Queens which lies at the epicenter of what has become a national problem," said Queens DA Richard Brown, who joined the mayor and Staten Island DA Dan Donovan last week to announced the new program. "While we have made some headway in prosecuting these cases, the programs which Mayor Bloomberg is unveiling today will be useful weapons to add to our arsenal in the fight against those who prey upon unsuspecting homeowners and lending institutions."
Homeowners will be able to stay alert on possible fraud as well. In order to help homeowners detect possible mortgage fraud involving their own homes, the Financial Crimes Task Force is teaming up with the Dept. of Finance to institute a program that will allow homeowners to be alerted when any transaction involving their property is entered into the City's database. Homeowners can receive an email, text message, or letter by mail, any time certain property related documents are filed with the City, so homeowners will immediately know if unauthorized transactions are taking place. Homeowners can register at nyc.gov or by calling 311.
Reach Reporter Domenick Rafter at drafter@queenstribune.com or (718) 357-7400, Ext. 125.