Posted on: 14th Aug, 2009 05:33 am
Hi all,
In an effort to counter the increasing number of mortgage frauds, the US Govt. has formed Connecticut Mortgage Fraud Task Force. This new anti-fraud task force will probe and prosecute mortgage-related financial crimes in the state of Connecticut.
The task force comprises members from various govt. agencies like US Attorney's Office, FBI, IRS's Criminal Investigation Division, HUD, Connecticut's Department of Banking, to name a few. The force aims to bring all those fraudsters responsible for the current mortgage and economic crises, to justice.
The task force will not only investigate the past mortgage fraud schemes, but will also look into the emerging crime trends. This is even more important in the present situation, when the fraudsters are trying their best to cash-in using "foreclosure rescue" and "short sale" schemes.
In an effort to counter the increasing number of mortgage frauds, the US Govt. has formed Connecticut Mortgage Fraud Task Force. This new anti-fraud task force will probe and prosecute mortgage-related financial crimes in the state of Connecticut.
The task force comprises members from various govt. agencies like US Attorney's Office, FBI, IRS's Criminal Investigation Division, HUD, Connecticut's Department of Banking, to name a few. The force aims to bring all those fraudsters responsible for the current mortgage and economic crises, to justice.
The task force will not only investigate the past mortgage fraud schemes, but will also look into the emerging crime trends. This is even more important in the present situation, when the fraudsters are trying their best to cash-in using "foreclosure rescue" and "short sale" schemes.
Hi Savior,
Such initiatives from the Govt. are always welcome, especially in this hour of need. With the number of foreclosures reaching new heights, we need stronger laws and law-enforcing agencies to tackle this menace.
There are people out there eager to take advantage of the plight of thousands of struggling borrowers. They dupe people with attractive "foreclosure rescue" and "short sale" schemes. This should be stopped to save the borrowers who are already in a fix with their mortgages. Having said that, I must also add that people, too, need to be cautious about these fraudsters and their schemes. They should deal only with the companies that have reliable credentials. People should not pay any money or disclose their sensitive information to anyone, unless they are absolutely sure of the credibility of those they are dealing with.
Such initiatives from the Govt. are always welcome, especially in this hour of need. With the number of foreclosures reaching new heights, we need stronger laws and law-enforcing agencies to tackle this menace.
There are people out there eager to take advantage of the plight of thousands of struggling borrowers. They dupe people with attractive "foreclosure rescue" and "short sale" schemes. This should be stopped to save the borrowers who are already in a fix with their mortgages. Having said that, I must also add that people, too, need to be cautious about these fraudsters and their schemes. They should deal only with the companies that have reliable credentials. People should not pay any money or disclose their sensitive information to anyone, unless they are absolutely sure of the credibility of those they are dealing with.
This is really a good effort on part of the government to control mortgage frauds. It has been noted that in most of the mortgage fraud cases include falsification of income, liabilities or employment and/or inflated property appraisals. The investigators associated with the Connecticut Mortgage Fraud Task Force will investigate cases which would include a number of mortgage fraud schemes involving multiple suspects, borrowers and millions of dollars in fraudulent loans.
Mortgage fraud is something which affects borrowers as well as lenders. The introduction of a task force is no doubt a good effort on part of the State and Federal Government. But there has been several laws enacted before and inspite of such laws, mortgage frauds seem to get popular day by day. So, we need to be alert whenever we're into any financial transaction. Borrowers need to be aware of mortgage basics prior to applying for a loan. They need to make sure that they understand the disclosures that are provided by the lender.
A lot of borrowers hesitate to ask questions to the lender. They need to clarify their doubts with the lenders. For eg, if they feel that they're paying more in fees and loan costs, they should ask the lender to break down the costs.
Several states have enacted laws to curb mortgage fraud. But the number of victims goes up almost every year. This means, we need better vigilance when it comes to getting rid of mortgage frauds. Hopefully the task force implemented will help towards reducing fraud cases and avoid further damage to the industry.
A lot of borrowers hesitate to ask questions to the lender. They need to clarify their doubts with the lenders. For eg, if they feel that they're paying more in fees and loan costs, they should ask the lender to break down the costs.
Several states have enacted laws to curb mortgage fraud. But the number of victims goes up almost every year. This means, we need better vigilance when it comes to getting rid of mortgage frauds. Hopefully the task force implemented will help towards reducing fraud cases and avoid further damage to the industry.
