Posts Tagged ‘fraud’

Signed, sealed & delivered mortgage fraud Bill

Two bills designed to address some of the problems arising from the economic crisis have been signed by the Obama President. The first deals with mortgage fraud and the other with aid to families who are involved in a situation of exclusion guard their homes.

Look for artists of the scam, the order of the new law on mortgage fraud means seriously. Half billion federal dollars has been allowed to spend on targeting mortgage fraud charges. Agencies such as the secret service, the Postal Service United States and HUD all obtained funds to increase their additional security measures.

The fraud enforcement and Recovery Act now sanctions on the Government to prosecute companies or individuals currently out of reach. Currently, an incidence of mortgage fraud can result in investigation, prosecution, civil penalties and imprisonment at the federal level, which is opposed to the previous gentler State sanctions applied previously. This new law applies to all types of mortgage fraud, no matter how minor the offence.

In the past, these schemes defrauded by home owners, real estate, lenders and builders of billions of dollars each year. The FBI intends to send a message that mortgage fraud will not be tolerated and it is expected that the criminals will receive stiff penalties in order to set an example for others.

The second draft law, simply entitled, “Helping families save their homes Act” aims to simplify the process owners receive financing of exclusion and modifications of existing loans. Also makes it easier for the lender to offer these types of options and hopefully avoid an imminent exclusion.

The new law also provides protection for tenants who live in a household whose owners face exclusion. Under the old rules, the tenants would have to happen immediately after the exclusion, they now have the option of continuing the rent for a period negotiated with the lender. This makes sense on many levels. Now hundreds of families who otherwise would have found on the street, still have houses. Lenders no longer have to deal with the problems associated with the maintenance of an empty House. Let us hope that this will reduce occurrences of neighborhoods awarded houses sitting vacant and Repair complete patient and vandalism. In many cases, reliable tenants are happy to stay and keep the property.

The law provides extra help for homeless, makes better use of local organizations in this role and allowed more latitude to allocate federal funds for assistance.

Part of the reason that fraud mortgage became in so widespread was attributed to the lack of a vigilant only affiliation to oversee the loan of the lagoons, insurance and loans schemes bids. Instead there was a series of small agencies, each view of only a part of the problem, but not single unit had the power to actually address the issue as a whole. Currently, the administration of Obama has a plan in the works to establish a federal agency designed to monitor all the participants; the small corridors to the main lenders.

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