Mortgage Info

Congress Funds Mortgage Fraud Crackdown

By Kenneth R. Harney, Los Angeles Times

Reporting from Washington -- It may not have made a big splash on network news or in print, but for real estate it was the equivalent of a congressional declaration of war against mortgage fraud.

Just as security and intelligence agencies were given huge funding boosts by Congress after 9/11, the FBI, the Justice Department, the Secret Service, and the U.S. Postal Service have just gotten a combined $500 million in new funding authority to investigate and prosecute individuals and companies who engage in mortgage fraud. President Obama signed the legislation May 20.

The targets range from people who lie about their incomes on home mortgage applications to highly organized roving networks of "foreclosure relief" scammers who bilk money out of homeowners seeking mortgage modifications….

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Print Date: 9/20/2020
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