Miami Mortgage Crisis: Operation Life is Good

Last week, the Miami Dade Police Department announced the arrest of 17 individuals in a mortgage fraud bust termed Operation Life is Good. In this scam, the alleged perpetrators entered into home purchase contracts at inflated prices with fake buyers and arranged to receive cash back at closing without the knowledge of the mortgage bank.

Right on the heels of Operation Life is Good, the Miami Herald released an investigative series into mortgage brokers uncovering the fact that hundreds of ex-cons obtained mortgage broker licenses in Florida.

What does this mean to you? Could this be only the tip of the iceberg? Join the discussion in our forum!

Photo by Joe Raedle/Getty Images