City to Battle Mortgage Fraud With Computer Alert

February 3, 2011  |  

(New York Times) — Despite the bright spotlight that the housing crisis shined on mortgage fraud, officials say New Yorkers continue to be duped. Now, the city is taking aim at the perpetuators of mortgage fraud through a program that it hopes will root out questionable property transactions and alert officials and prosecutors when they happen. Under the system, devised by the mayor’s Financial Crime Task Force and begun on Wednesday, a computer program will search the city’s public property database for “digital fingerprints,” or red flags, that could indicate nefarious real estate activities.

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