A bi-partisan Senate passed the Mortgage Fraud Bill, which will fund the hiring of 160 new FBI agents, 200 support staff at the Bureau--- including forensic accountants --- 200 Federal prosecutors and at least 100 support staff to back up the prosecutors, all of whom are necessary to pursue the reported 5,000 new cases of mortgage fraud each month. The House is expected to pass it next week.
Also in line for added funding are the Secret Service, the Postal Inspection Service and the inspector general for the Housing and Urban Development Department.The cost for the next two years will be $265 million, but Senate Majority Leader Harry Reid, (D-Nev) says it's necessary. "As foreclosures menace more and more hardworking homeowners, they become more desperate for help. Unfortunately, schemers, swindlers and scam artists are all too happy to pounce."
He added that both he and the President believe the bill will more than pay for itself through the fines, penalties and asset seizures that will come as a result of aggressive investigations.
No comments:
Post a Comment