Engler Passes Significant Measures Against Mortgage Fraud in Senate
JEFFERSON CITY –Sen. Kevin Engler, R-Farmington, today announced that Senate Bill 1059, a bill he sponsored, has received final approval from the Senate. The bill would create civil and criminal penalties for mortgage fraud. Mortgage fraud boosts the price of a property to become inflated so that consumers end up paying more than the value of the property.
“We have to make it clear that Missouri will not tolerate fraud in this industry,” said Sen. Engler. “Mortgage fraud places a burden on the real estate market and creates additional expenses for consumers.”
This summer, Sen. Engler chaired the Senate Interim Committee on Consumer and Financial Protection. The panel examined ways for the state to combat deceptive practices such as mortgage fraud. Mortgage fraud often includes illegally inflating property appraisals, concealing a second mortgage from a primary lender, or concealing a borrower’s identity.
Mortgage fraud is one of the fastest growing crimes in the country. According to the FBI, mortgage fraud has grown 400% over the past four years and in 2007 Missouri was listed in the top ten in the country in mortgage fraud. Many believe mortgage fraud is a contributing factor to the state of the housing market. Engler says that fraud in this industry affects everyone, not just the bad actors.
“Mortgage fraud is a significant factor in prices and interest rates of homes,” Engler stated. “All homeowners end up having to pay for the lack of enforcement of mortgage fraud. I’m confident that this bill gives us the tools to protect against this crime and in turn help the housing market.”
The bill now moves to the House for approval.
Related posts:
- Former Mortgage Broker Pleads Guilty to $1.2 Million Mortgage Fraud Scheme
SPRINGFIELD, MO - August 13, 2009 - (RealEstateRama) -- Matt J. Whitworth, Acting United States Attorney for the Western District of Missouri, announced today that a former mortgage broker pleaded guilty in federal court to his role in a $1.2 million mortgage fraud scheme....
- Missouri Man Sentenced to Over 11 Years in Major Mortgage Fraud Scheme
CAPE GIRARDEAU, MO - November 17, 2009 - (RealEstateRama) -- Russell Todd McBride, of Creve Coeur, was sentenced on a mortgage fraud scheme involving the sale of residential real estate located in Sikeston, MO, Acting United States Attorney Michael W. Reap announced today. After sentencing, the district court remanded McBride to the custody of the United States Marshals to commence...
- Seven Northland Residents Indicted in Parkville Mortgage Fraud Scheme
KANSAS CITY, MO - December 3, 2009 - (RealEstateRama) -- Matt J. Whitworth, United States Attorney for the Western District of Missouri, announced today that seven Kansas City, Mo., residents have been indicted by a federal grand jury for their roles in a mortgage fraud scheme that involved the purchase of a $605,000 house in Parkville, Mo...
- McCaskill Holds Senate Hearing in St. Louis on Reverse Mortgages
WASHINGTON, D.C. - June 29, 2009 - (RealEstateRama) — These days television shows are regularly interrupted with commercials about a “great” new financial opportunity backed by the federal government: a reverse mortgage loan that allows seniors to convert the equity in their homes into cash. While this can be a useful tool for some, many elderly homeowners are prime targets...
- Wichita, Carl Junction Men Plead Guilty to Mortgage Fraud Scheme
SPRINGFIELD, MO - October 2, 2009 - (RealEstateRama) -- Matt J. Whitworth, United States Attorney for the Western District of Missouri, announced today that a Wichita, Kan., man and a Carl Junction, Mo., man pleaded guilty in federal court to their roles in a $1.2 million mortgage fraud scheme...
Comments
No comments yet.
Leave a comment