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
Best-loved new cars of 2016 These cars are the most beloved among American drivers based on JD Power's annual survey of new vehicle buyers. More
This Indian university cranks out top-tier tech execs Many graduates from the Indian Institute of Technology have gone on to start and lead global tech companies. Here are a few of the most notable alums. More
Most valuable American car up for auction Carroll Shelby's own very first Shelby Cobra will be sold in August. It's almost certain to be the most valuable American car ever sold. More

Special Offer