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Recording Mortgage Fraud

BY Marvin Bagwell
January 29, 2009

“It is a tale ' full of sound and fury, signifying nothing.”
' Shakespeare, Macbeth, Act 5, Scene 5.

recent headline in the New York Daily News reported: “It took 90 minutes for [the] Daily News to 'steal' the Empire State Building.” (Dec. 2, 2008,
p.1) The Daily News managed to steal the iconic building by “drawing up a batch of bogus documents, making a fake notary stamp and filing paperwork with the city to transfer the deed to the property.” Id. The purpose of this exercise was to disclose “the loophole ' . The system
' run by the office of the city register ' doesn't require clerks to verify the information.” Id. In the reporter's own words, the article “shows how easy it is for con artists to swipe more modest buildings right from [under] the owners. Armed with a fraudulent deed, they can take out big mortgages and disappear, leaving a mess for property owners, banks and bureaucrats.” Id.

Scams and Forgeries

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