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ProSense Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-18-09 06:43 PM
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Mortgage fraud bill goes to Obama to sign

Mortgage fraud bill goes to Obama to sign

By Anne Flaherty, Associated Press Writer

WASHINGTON – Congress on Monday sent the president a bill to clamp down on mortgage fraud and set up a $5 million independent commission to investigate the cause of the worldwide financial meltdown.

President Barack Obama is expected to sign the legislation, which received broad bipartisan support. The House agreed on Monday to a Senate version of the bill by a 338-52 vote.

Obama and other supporters say the bill's estimated cost of some $265 million a year will more than pay for itself because of the fines and penalties that would result from increased government oversight.

"No one should want to see those who engaged in mortgage fraud escape accountability," said Sen. Patrick Leahy, D-Vt.

more
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NYC_SKP Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-18-09 08:20 PM
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1. "You call this Change???"
Meet the New Boss...

Looks like another pony on it's way. :P
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SpartanDem Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-18-09 09:07 PM
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2. K&R
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TwilightZone Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-18-09 09:28 PM
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3. I can't believe that this thread has been almost completely ignored.
Good news is bad news, I guess.

K&R anyway. At least that's #5!
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Kaleko Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-18-09 09:38 PM
Response to Reply #3
4. Good news is greeted with suspicion, cynicism or a yawn.
We've been burnt too many times to rejoice often.

Sad, really.
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SpartanDem Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-18-09 10:38 PM
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5. I can
it's pretty rare that good news ever the most talked about or rec'd issue. Bad news even if it turn out latter to false gets more attention than the true story.
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autorank Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-18-09 11:05 PM
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6. k*r More enforcement is a good thing.
The FBI is ready to roll:

"America's Federal Bureau of Investigation is investigating senior banking executives for insider dealing and fraud as part of a criminal inquiry into the sub-prime crisis, the agent leading the inquiry said yesterday.

"Neil Power, the head of the FBI's economic crimes unit, is heading the most far-reaching criminal investigation into the practices of the mortgage industry since it began to melt down last year, after years of increasingly lax lending finally fed through into an increase in defaults on home loans."

TimesOnline Dec. 2007
http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article3279691.ece

The extra $0.5 billion in this bill to fight fraud is what the FBI and others need to enforce existing and now new rules.
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