S. 365 would establish in the Department of Justice the Nationwide Mortgage Fraud Task Force to address mortgage fraud in the United States.
Detailed Summary
Nationwide Mortgage Fraud Task Force Act of 2009 - Establishes in the Department of Justice (DOJ) a Nationwide Mortgage Fraud Task Force to: (1) establish branches in the 10 states with the highest concentration of mortgage fraud; (2) establish coordinating entities, and solicit the voluntary participation of federal, state, and local law enforcement and prosecutorial agencies, to organize initiatives to address mortgage fraud; (3) train such agencies; (4) collect and disseminate mortgage fraud data; and (5) perform other related functions.
Authorizes the Task Force, including its branches, to perform other functions as well, including: (1) initiating federal mortgage fraud investigations and coordinating state and local investigations; (2) establishing a toll-free hotline; and (3) creating a database of mortgage industry license suspensions and revocations.
Status of the Legislation
Latest Major Action: 2/3/2009: Referred to Senate committee. Status: Read twice and referred to the Committee on the Judiciary.
Points in Favor
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Points Against
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Visitor Comments
Christi
May 16, 2009, 8:31am (report abuse)This bill identifies a real problem, but the elements of the bill are not curative. What is needed is funding for state-wide investigators and prosecutors that are specifically trained and equipped to fast track these cases. At this point, the process is too cumbersome, too slow, too costly to pursue in most cases. How would this bill help?
Pamela Michaels
July 19, 2009, 12:05am (report abuse)Sir or Madam - It is imperative Bill S396 be passed expediently. The majority of foreclosures are occuring based upon sheer GREED of the Mortgage Lenders and/or Mortgage Lenders. I am a victim of Mortgage Fraud. I have been in my home for ten years- no problems with payments and excellent credit until GMAC perpetrated TILA/RESPA violations, inflated appraisal, fraud, inducement by fraud, etc. etc. PLEASE ENFORCE THIS BILL IMMEDIATELY. IT IS IMPERATIVE TO ECONOMY STABILIZATION. URGENT!!!!