Sep
30
Is Obama Fulfilling ACORN’s Agenda?
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Sep
30
Sep
30
Senate Looks To Allocate $200 Million For Real Estate Fraud Prosecution
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Are you living in the gray area in the real estate world? Or worse, are you in the midst of all out mortgage fraud? Bet you are thinking that the police and prosecutors have much bigger fish to fry and you are safe ripping off the banks and other people.
You may have guessed wrong.
Prosecutors may be getting a $200,000,000 fund to draw from to prosecute those who are committing real estate fraud. That is one heck of an incentive to go after those that purposely are making a mess out of our real estate industry.
I am not a big fan of the government throwing money at problems, this one may make sense. Consumers do not have faith in real estate as a stable investment yet. We all know there are hundreds of thousands of homes that could be foreclosed upon tomorrow across the country that could push the market back into chaos.
But if consumers would know that those who try to rip them off would face a severe a quick punishment, it may help restore some trust into the market, and that is not a bad thing.
Sens. Charles Schumer, a Democrat, and Jon Kyl, a Republican, proposed legislation on Tuesday that would award up to $200 million to state and local prosecutors to go after real estate fraud.
The money would be awarded as competitive grants to prosecutors’ offices to hire new investigators, accountants and attorneys. Advocates say states have been unable to prosecute many troubling cases because of a lack of staff and other resources.
“The housing crisis has spawned a cottage industry of refinancing and foreclosure prevention scams,” Schumer said in a statement. “This bill will put a stop to the criminals who are trying to swoop in and take advantage of desperate homeowners.” via Google News
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Senate Looks To Allocate $200 Million For Real Estate Fraud Prosecution
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