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Mortgage Fraud
Obama introduced the STOP FRAUD Act in the Senate and it became part of his platform.
· Boost funding for law enforcement programs aimed at housing fraud by $40 million.
· Establish new federal criminal penalties for mortgage professionals found guilty of fraud.
· Require lending professionals to report suspicious or fraudulent activity.
· Establish a database of censured or debarred mortgage professionals, so borrowers can easily check the credentials of lenders.
· Establish a standardized estimate of the total annualized cost of a mortgage loan to make it easier for borrowers to compare different loans.
"We must establish stiff penalties to deter fraud and protect consumers against abusive lending practices."-- Obama*NEXT: Social Security
Last updated November 06 2008: 11:36 AM ET
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*March 25, 2008, Speech, Santa Ana, Calif.
**April 25, 2007, Press Statement, Washington, D.C.
*March 25, 2008, Speech, Santa Ana, Calif.
**April 25, 2007, Press Statement, Washington, D.C.
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