Sue Your Lender | Mortgage Fraud Task Forces Get A Much Needed Boost

May 20, 2009 - PRLog -- Mortgage Fraud Task Forces Get A Much Needed Boost

As the economy continues to worsen and foreclosure continues to dominate the news, the FBI is getting a much needed boost to stop mortgage fraud.  In a 338-52 vote, the House of Representatives signed off on Senate Bill 386, the Fraud Enforcement and Recovery Act of 2009.

Congress has passed legislation that will double the number of FBI mortgage fraud task forces and will allow federal prosecutors to file fraud and money laundering charges against many mortgage lenders.

The U.S. Attorney's Office will get $50 million to staff the FBI's mortgage fraud task forces, and $40 million is earmarked for the Department of Justice's criminal, civil and tax divisions to provide litigation and investigative support in fraud cases.

The bill will allow the FBI to beef up investigations of mortgage and financial fraud, providing $75 million for the bureau to hire 190 additional special agents and more than 200 professional staff and forensic analysts. Lawmakers expect the FBI to double the number of mortgage fraud task forces nationwide, from 26 to more than 50.

The bill also updates federal fraud statutes to mortgage lenders not directly regulated or insured by the federal government, who were responsible for nearly half the residential mortgage market before the financial collapse. S 386 amends federal securities law to cover fraud schemes involving commodities futures and options.

If you feel you were a victim of mortgage fraud contact your local FBI office or Department of Real Estate Mortgage Fraud Division.

Unfortunately this Bill will not stop foreclosures. You still may need to sue your lender depending on your situation.  

If you are facing foreclosure and would like a forensic audit of your loan visit www.sueyourlender.net or give us a call 1.866.966.6615  Sue Your Lender

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Sue Your Lender® performs predatory forensic mortgage audits for attorneys and consumers even if they are not late on their mortgage as an effective tool to bring litigation against their lender or to mediate a loan modification. Don't Be A Victim Twice!