Senate Bill Takes Aim at Fraud with Fines, Jail Time
February 17, 2006
A freshman lawmaker wants to get tough on mortgage fraud with federal legislation that would set harsh new penalties – including jail time – for mortgage industry professionals who bilk or mislead borrowers or lenders. Introduced last week by Sen. Barack Obama, D-IL, the “Stopping Transactions which Operate to Promote Fraud, Risk, and Underdevelopment” Act would make it illegal for “any mortgage professional to knowingly execute, or attempt to execute, a scheme or artifice…