Tuesday, the Senate voted 92-4 to increase the number of FBI agents and prosecutors to target more than 5,000 cases of mortgage fraud reported monthly. The vote was taken while the House held discussions on an anti-predatory lending bill, which deals with the types of subprime mortgages that led to the current real estate economic downturn.
“As foreclosures menace more and more hardworking homeowners, they become more desperate for help,” said Senate Majority Leader Harry Reid, D-Nev. “Unfortunately, schemers, swindlers and scam artists are all too happy to pounce.”
The Senate bill, sponsored by Sens. Patrick Leahy, D-Vt., and Chuck Grassley, R-Iowa, is estimated to cost more than $265 million a year for the next two years. Supporters, including President Barack Obama, say the legislation would more than pay for itself because of the fines and penalties that would result from more aggressive government investigations.
(source: FL Assn of Realtors)
If you feel you have been a victim of mortgage fraud in connection with Ormond Beach real estate, contact your local FBI office or congressperson/representative.
Sherry Armstrong, Realtor
www.sherryarmstrong.com
386-679-3191
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