Senate passes bill targeting mortgage fraud
source: http://www.google.com/hostednews/ap/article/ALeqM5gB7--kEDtgOugiNfRih85sahLr7gD97RJVM03
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WASHINGTON (AP) — The Senate voted Tuesday to hire hundreds more FBI agents and prosecutors to pursue after mortgage fraud, which lawmakers say is needed to investigate the estimated 5,000 allegations reported each month.
The 92-4 bipartisan vote came as a House panel considered an anti-predatory lending bill that attempts to ban the type of subprime mortgage loans that contributed to the nation's economic slide.
"As foreclosures menace more and more hardworking homeowners, they become more desperate for help," said Senate Majority Leader Harry Reid, D-Nev. "Unfortunately, schemers, swindlers and scam artists are all too happy to pounce."
The Senate bill, sponsored by Sens. Patrick Leahy, D-Vt., and Chuck Grassley, R-Iowa, is estimated to cost more than $265 million a year for the next two years. Supporters, including President Barack Obama, say the legislation would more than pay for itself because of the fines and penalties that would result from more aggressive government investigations.
Bill supporters anticipate that the money would hire another 160 special FBI agents and more than 200 support staff, including forensic analysts. Currently, the FBI has fewer than 250 special agents assigned to financial fraud cases, despite caseloads increasing more than doubling in the past three years.
Under the bill, the Justice Department would hire 200 more prosecutors and civil enforcement attorneys, along with 100 support staff.
Other government entities in line to receive money include the Secret Service, Postal Inspection Service and the inspector general for the Housing and Urban Development Department.
An amendment by Sens. Chuck Schumer, D-N.Y., and Richard Shelby, R-Ala., added $21 million to the bill's original $245 million-a-year total for the Securities and Exchange Commission to boost its enforcement capabilities.
The 92-4 bipartisan vote came as a House panel considered an anti-predatory lending bill that attempts to ban the type of subprime mortgage loans that contributed to the nation's economic slide.
"As foreclosures menace more and more hardworking homeowners, they become more desperate for help," said Senate Majority Leader Harry Reid, D-Nev. "Unfortunately, schemers, swindlers and scam artists are all too happy to pounce."
The Senate bill, sponsored by Sens. Patrick Leahy, D-Vt., and Chuck Grassley, R-Iowa, is estimated to cost more than $265 million a year for the next two years. Supporters, including President Barack Obama, say the legislation would more than pay for itself because of the fines and penalties that would result from more aggressive government investigations.
Bill supporters anticipate that the money would hire another 160 special FBI agents and more than 200 support staff, including forensic analysts. Currently, the FBI has fewer than 250 special agents assigned to financial fraud cases, despite caseloads increasing more than doubling in the past three years.
Under the bill, the Justice Department would hire 200 more prosecutors and civil enforcement attorneys, along with 100 support staff.
Other government entities in line to receive money include the Secret Service, Postal Inspection Service and the inspector general for the Housing and Urban Development Department.
An amendment by Sens. Chuck Schumer, D-N.Y., and Richard Shelby, R-Ala., added $21 million to the bill's original $245 million-a-year total for the Securities and Exchange Commission to boost its enforcement capabilities.
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taps65
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Finally!!! there should be no excuse now for not responding to complaints.
- 3 years ago
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taps65
