As the nation struggles with fallout from poor mortgage practices comes news that most of the Alaskans implicated in the state's biggest loan fraud scheme have struck a plea deal. According to a recent article in the Anchorage Daily News, seven individuals pleaded guilty to a scheme that involved buying and selling homes at inflated prices. Real estate licensees, mortgage brokers, an escrow officer, investors, and a builder were among the guilty. One appraiser who changed his plea will go to trial.
As with Alaska's recent political scandals, it's unfortunate that it took Federal agents to squash the scheme. Prosecution goes a long way toward squelching predatory lending and loan fraud. And Alaska has taken another important step: at last, mortgage brokers must be licensed.
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