New York City's Finance Department has launched a new program to help prevent mortgage fraud.
When someone tries to steal another person's property holdings with a phony deed or a bogus mortgage, the department will send a notification by e-mail, text message or letter. Owners simply have to sign up for the program by filling out an online form at nyc.gov/finance.
"It's free and it's a major step in our attack on this pervasive fraud," said finance commissioner David Frankel to the New York Daily News. "If you're notified of an unauthorized transaction, immediately call 311 and the matter will be referred to the appropriate law enforcement agency."
Eighteen months prior to this new program, a Daily News reporter transferred the Empire State Building deed from the rightful owners to his own bogus corporation to show how easy it is to commit deed and mortgage fraud.
The new deed was accepted and recorded by the city register's office without problem, though the notary and witness listed were fake.
