Schumer Bill Takes Aim At Real Estate Fraud

Posted by Orb Staff on April 21, 2009 No Comments
Categories : Residential Mortgage

harles E. Schumer, D-N.Y., has introduced new legislation that creates mortgage fraud units in district attorney offices across the U.S. The Fighting Real Estate Fraud Act of 2009 establishes a competitive grant program in the Department of Justice for local district attorney's (DA) offices to battle real estate fraud. The bill authorizes $100 million in grants for hiring specialized staff, such as investigators, forensic accountants and attorneys, to offices demonstrating need for increased resources to combat mortgage scams, according to a press statement reported on the [u][link=http://www.nydailynews.com/blogs/dc/2009/04/schumer-unleash-the-mortgage-p.html ]New York Daily News[/link][/u] Web site. Last month, Schumer secured $875,000 toward the creation of a Real Estate Fraud Unit through the 2009 Omnibus Appropriations Act at the Brooklyn DA's office. "Housing scams are a nationwide problem, and they require a nationwide solution," Schumer says. "Homeowners in New York and across the country have suffered for too long because of scam artists who feel they can take advantage of people without any repercussions. These fraud units will help protect homeowners from these criminals and ensure that rather than walking away from their crimes, they are prosecuted to the fullest extent of the law." SOURCE: New York Dai

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