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Florida is one of only three states that doesn’t offer financial protection to victims of fraudulent loans. We’re also first in the nation for mortgage fraud. The Florida Association of Mortgage Brokers and AARP are calling on lawmakers to revive the Mortgage Brokerage Guaranty Fund. The fund was quietly cut in the 90’s. It would pay some victims or mortgage fraud 20,000 dollars for their losses. AARP Spokesman Dave Bruns said if the program hadn’t been cancelled, today the state would have 24 (m) million dollars to help victims.

“We could put that money toward helping people qualified for mortgages or get credit counseling it could be a very good start on a program that could benefit 10’s of thousands of Florida victims,” Bruns said.

The fund would be created by making mortgage brokers buy bonds to insure against fraud.