Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

9 of 22
BACKNEXT
Mortgage Fraud
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
Source:
*March 25, 2008, Speech, Santa Ana, Calif.
**April 25, 2007, Press Statement, Washington, D.C.
More Galleries
Toy Fair surfaces holograms, robotic animals, dolls for boys The Toy Industry Association's annual fair revealed countless tech-enabled toys -- and some fresh takes on old classics. More
Super Bowl bound? Things to do in Houston besides the big game If you're one of the thousands of fans are headed to Houston for the Super Bowl Sunday, here are five things to do when you're not at the stadium. More
Sneak peek at Super Bowl 51 ads The ghost of Spuds MacKenzie and an ad about immigration steal the show in the swell of upcoming Super Bowl ads. Advertisers are paying, on average, $5 million for 30-second spots during Sunday's game on Fox. But if you want to watch something other than commercials, the New England Patriots happen to be playing the Atlanta Falcons. More

Special Offer