Senator Schumer Wages War on Mortgage Fraud
Senator Charles Schumer (D-New York), along with all five district attorneys from New York City, announced new legislation this afternoon that is intended to step up efforts to prevent mortgage fraud nationwide. The concentrated effort calls for the annual spending of $100 million in grants to hire specialized staff to engage mortgage fraud offenders. The $100 million cost may appear awfully steep initially, especially in these trying economic times, but when this number is compared to the $6 billion that mortgage fraud costs American homeowners annually, it’s quite minimal and certainly worth the investment.
Due to the recent surge in mortgage applications nationwide as a result of historically low mortgage rates, along came with it an influx of mortgage fraud cases. Currently, resources available to combat these fraud cases are grossly inadequate.
Essentially, the mortgage fraud that occurred on Main Street helped bring down Wall Street. This new legislation is expected to easily garner bipartisan support as it heads to the White House for approval. Once approved, prosecutors across the country will apply for these grants each year, relying on the attorney general to issue approval.
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Total Mortgage is an industry leading mortgage broker and lender, having funded over $4 billion in mortgage loans since 1997. The mortgage professionals at Total Mortgage have become trusted financial partners with thousands of homeowners across the country. From our enthusiastic and knowledgeable staff of licensed loan officers to our proficient and dedicated closing department, and everything in between, Total Mortgage has the tools to get the job done right. Our advanced processing technology allows us to handle each individual file with tremendous attention, while our in-house underwriting offers the speed and flexibility that is not typical of the mortgage industry today. Whether you’re a first-time homebuyer or simply looking to refinance, Total Mortgage offers a variety of products and programs to suit your needs, including fixed-rate mortgages, adjustable-rate mortgages (ARMs), jumbo mortgages, reverse mortgages, FHA loans and more. Visit TotalMortgage.com for today’s current mortgage rates.
About the Author
Robert Hyder is the web editor and contributing web content writer for Total Mortgage Services, LLC, as well as all related sister sites. Total Mortgage Services, LLC is an industry leading mortgage broker and lender headquartered in Milford, Connecticut. Hyder has been a mortgage and financial services expert since 2005.
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