Senate Passes Federal Appropriations Bill for Mortgage Fraud

Allison Tussey —  June 19, 2009 — 7 Comments

On Thursday, June 18, 2009, by a vote of 91-5, the Senate passed H.R. 2346, the Supplemental Appropriations bill. The bill grants additional funding for government agencies for the remainder of fiscal year 2009, including $10 million in additional funding to combat mortgage fraud and other types of financial crimes. The bill also appropriates $35 million for the Federal Bureau of Investigation to investigate mortgage fraud, predatory lending, and other types of financial fraud. President Obama is expected to sign the bill.

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Allison Tussey

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7 responses to Senate Passes Federal Appropriations Bill for Mortgage Fraud

  1. ervin armstrong June 26, 2009 at 11:55 am

    Mark, thanks for your answer and advise. Right now, I’m stuck with going with him because of the volatility of the market. I’m hoping the rates will go down in the near future and I’ll be able to lock in on a low rate. When that happens, I’ll take your advise and ask for comfirmation on the rate. I would drop him right now if I thought I could switch over to another Broker in time. That’s the problem, too much time has been wasted for me to start all over again. I was hoping to have had this done in May, now I’ll be happy if it will be in July.

  2. Ervin,there is absolutley nothing you can do. I was a mortgage banker and broker for more than 10 years. I got out due to the difficulty of the lending institutions. As any loan officer would do to earn your business, they will tell you what you want to hear just to get your business. This is their loop hole by sending you a Good Faith “ESTIMATE” meaning that you can not hold them liable for what is being presented at the time of your application and when you go to the table to close. Unfortunatley, this business is never set in stone when you first talk to them whether it be the individual you previously worked with or their competition. Either way the only way to get any type of guarantee on a rate once it is quoted to you is to have them lock in your rate that day and send you a confirmation. I used to do that for my clients all the time. I would just black out the lenders name who i was sending the loan through to prevent my competitors to use that same lender if you were shopping. that would be the only thing you can do in order to be guaranteed your rate, contigent you meet all other requirements from the bank IE: income, appraisal etc….

  3. ervin armstrong June 25, 2009 at 4:44 pm

    I don’t know if this is fraud or not. I had a good faith estimate for a VA 100% loan to value refinance back in April for 4.7%. Another Broker whom I’ve done business with in the past told me he could give me a better deal. Based on past good experience, I went with him. He told we would close before the end of May, (at the time I didn’t know it, but he didn’t have a lender that could go VA 100% loan to value, he had to find one) then he told me because so many people were filing for loans the system was clogged up and the closing would be in June. Then in June, he said he didn’t know he wasn’t approved by his new lender and that I would not be getting the 4.7% rate he originally gave me in the good faith estimate. It would be like just starting with a loan, and the rates have gone up. If he would have told me all this in the beginning that he didn’t have a lender that would go VA 100% loan to value I would have went with the other Broker and would have closed by now at 4.7%. Now, he can’t tell when the loan is going to close. I don’t know if this is fraud, but it isn’t fair. Is there anything I can do?

  4. THE AMMOUNT OF MONEY TO COBAT FRAUD IS NOT ENOUGHT TO MAKE A DENT IN IT.HOW MANY YEARS HAS MRS DOLLAR BEEN INFORMING THE PUBLIC AND HOW MANY TIMES HAS THE FBI GIVEN THE PROBLEM NO ATTENTION?? PINE VILLAGE NORTH TOWNHOME SUBDIVISION WAS AIRED ON CHANNEL 11 AND SHOWED THE DECLINE OF A ONCE FINE COMMUNITY BECAUSE OF A SCAMMER.FBI HOUSTON WAS MADE AWARE OF THIS RAT AND KICKED TO HARRIS COUNTY DA OFFICE.IT SHOULD HAVE BEEN US ATTORNEY BUT AN FBI AGENT DID NOT WANT THAT.THIS COULD BE MADE INTO A FINE COMMUNITY IF ALL THESE TRASHED T/H WERE GIVEN TO VETS AND WE GET A PROGRAM STARTED TO FIX THEM UP.HOME DEPOT AND LOWES WOULD HELP I AM SURE.I AM STILL ONE DAMM MADE NAVY MAN. GEORGE UBER USN RETIRED

  5. My problem is what about the large amount of people whom are walking away from houses that they can afford allowing them to foreclose so they can purchase another bigger home with a swimming pool? I have two neighbors on my court who packed up their belongings in the middle of a day and indicated they were moving on to a bigger home, the next month I saw foreclosure signs. This is adding to the housing crisis and these people should be punished simply by going through tax records and property listings to ensure that if they have foreclosed they didn’t immeditaely purchase another home.

  6. ya its such a good idea.and we r always with your suggestions.

  7. Good, but more is needed. Like complete eradication of the real estate industry.

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