Congratulations Missouri. You are finally getting the message. Today’s Kansas City Star reports that the state of Missouri is forming a special task force to help root out mortgage fraud. Even though Kansas City is somewhere around the 26th largest market in the country we have the 6th highest rate of mortgage fraud. Don’t believe me? Visit Mortgage Fraud Blog and look at the entries for the Kansas City area. Real estate and mortgage fraud is and has been a problem here for quite a while.
Here’s an idea. Require licensing for the mortgage brokers. Kansas does. You require licensing for the real estate agents. It’s really ridiculous that a crook can lose his license in Kansas and move his office 4 miles to the east and re-open with no oversight.