U.S. mortgage bankers have placed mortgage fraud among the top issues to be dealt with this year.
The Mortgage Bankers Association is pushing for an additional $6.25 million to be budgeted for combating mortgage fraud, according to an announcement today from the Washington, D.C.-based group. The funds would be used to add 30 new FBI field investigators and two new dedicated prosecutors at the Department of Justice to coordinate with the U.S. Attorney’s offices.
Another $750,000 would be used to support the FBI’s Interagency Task Forces in the 15 areas with the highest concentration of mortgage fraud, MBA said.
“Fraud against lenders is an issue that impacts every lender and takes a huge toll on the resources of lenders,” said MBA Chairman Regina M. Lowrie in the announcement. “Actions on Capitol Hill or by regulators have an impact on how MBA member companies operate their businesses.”
The group’s mortgage fraud position is among several issues identified today in its 2006 Advocacy Agenda.
“In 2006, MBA will continue to push Congress to pass GSE Reform legislation, allocate the resources necessary to combat mortgage fraud, and preserve important tax incentives which encourage Americans to invest in their communities,” said MBA executive Kurt Pfotenhauer in the statement.
