AUSTIN, TX – April 19, 2011 – (RealEstateRama) — Representative Stefani Carter (Dallas) has passed House Bill 1343, which will expand the venues in which incidents of mortgage fraud may be prosecuted.
Currently, there is a statute of limitations on the prosecution of mortgage fraud in Texas. HB 1343 will provide prosecutors with additional options to try a case within statutory time constraints. The bill specifically allows for cases to be prosecuted in the county where the property is located or any county in which part of the mortgage transaction occurred.
According to the U.S. Department of the Treasury, incidents of mortgage fraud have been on the rise for several years now. As a result of this increase, our courts are now inundated with cases. Dallas County in particular has one of the highest rates of mortgage fraud in Texas; yet there is only one prosecutor who is equipped to deal with cases of this nature.
“Those who dream of home ownership can be reassured that in the event of mortgage fraud, their burden can be addressed and resolved in a more timely manner,” said Carter. “Having multiple venues for prosecution will certainly help to reduce caseloads and ensure that cases of mortgage fraud are quickly brought to justice.”
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