Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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U.S. Sen. Debbie Stabenow announced Senate passage of the Fraud Enforcement and Recovery Act of 2009.

The legislation also provides a blueprint to increase resources for law enforcement agencies, so they can effectively prosecute those responsible for engaging in fraudulent mortgage activity.

“For too long, brokers and lenders were given free rein to take advantage of hard-working Americans in order to turn massive profits,” Stabenow said. “This legislation takes action to provide our law enforcement agencies with the tools necessary to investigate and prosecute illegal mortgage and corporate activities.

“As we continue to rebuild our economy, we must hold those who have preyed on families accountable to protect our economy in the future.”

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The investigative commission created by this legislation will have subpoena power, and will seek to bring accountability to a system where reckless behavior has gone unchecked in the past. It is similar to the Pecora Commission established to investigate the 1929 stock market crash.

That commission’s investigation uncovered the fraudulent and unscrupulous practices on Wall Street that led to the Great Depression and laid the groundwork for the regulatory structure that served this country for decades. In fact, it is the weakening of that regulatory framework that created the conditions leading to our current economic crisis.

Congressman Bob Filner applauded the bill, saying: “This bill is about demanding accountability. Millions of Americans lost their savings, their homes and their jobs. And we have witnessed breathtaking levels of fraud in recent years – from Enron and Worldcom, to today’s mortgage scams and the crisis in the mortgage industry. We simply cannot let something like this happen again. That’s why I’m proud that the Fraud Enforcement and Recovery Act gives law enforcement the tools and funding to go after the corporate and mortgage fraud that got us here.”

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Tom #2

Fraud recovery bill passes in U.S. House, returns to Senate for final vote
The U.S. House of Representatives on Wednesday took up the Fraud Enforcement and Recovery Act that was passed by the Senate last week. The bill was approved, but with amendments that will require another vote in the Senate before it can be sent to the President for his signature.

CALL/ EMAIL your Senator on this one, the tide is turning.

Heres a link to the Bills Voting history, WOW big surprise, 59 Republicans voted no..............

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