Senator Unveils The Fighting Real Estate Fraud Act of 2009

According to WEBCPA "Sen. Charles Schumer, D-N.Y., along with the five New York City District Attorneys, has unveiled The Fighting Real Estate Fraud Act of 2009, a measure to help fight mortgage fraud scams across the country."

“These fraud units will help protect homeowners from these criminals and ensure that rather than walking away from their crimes, they are prosecuted to the fullest extent of the law,” Schumer said.

Unleash the Mortgage Police, says Senator Schumer in a story published today's New York Daily News.

The project in question is a $875,000 program he got funded for the Brooklyn DA to set up a unit of investigators to crack down on mortgage fraud by unscrupulous lenders.

At a time when millions of people across the country are desperate for mortgage help, they make easy prey for scammers, the senator reasons. So Schumer is proposing a bill to spend $100 million for prosecutors all over to hire investigators, forensic accountants, and attorneys dedicated to real estate con artists.

“The recent foreclosure and refinancing crisis, following a sharp increase in home values created a perfect storm for these housing scammers to swoop in and fleece homeowners,” Schumer declared. “With this bill, these criminals will be stopped.”