Senate Passes Mortgage Fraud Bill-- ZT

By a vote of 92-4, the Senate approved the Fraud Enforcement and Recovery Act that also expanded federal fraud laws to cover funds involving the $700 billion Troubled Asset Relief Program(TARP) that is being used to capitalize banks and deal with problem assets.

The bill (S. 386) expands the definition of "finance institutions" to ensure mortgage brokers and mortgage companies are held fully accountable under the federal fraud laws. It also makes it a crime for brokers and mortgage bankers to make materially false statements or to willfully overvalue properties to influence any action by a mortgage lending business. The Obama administration supports the bill and the House of Representatives is working on a similar bill.

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• May I know any impact to the people who is doing refi? -也想学理财- ♂ (34 bytes) () 04/29/2009 postreply 17:32:11

• if broker broke the law with false statement, it -knp- ♂ (41 bytes) () 04/29/2009 postreply 19:41:35

• 回复：if broker broke the law with false statement, it -CALoanAgent- ♂ (13 bytes) () 04/29/2009 postreply 20:18:51