Mortgage Fraud Bill Eyes Fannie, Freddie Reporting
Fannie Mae and Freddie Mac would face new federal reporting requirements under a mortgage fraud bill recently introduced in the Senate. The measure, the “Stopping Transactions which Operate to Promote Fraud, Risk, and Underdevelopment” Act, would also set harsh new penalties – including jail time – for mortgage industry professionals who bilk or mislead borrowers or lenders. The bill was introduced by Sen. Barack Obama, D-IL. …