Administration Cracks Down on Foreclosure Schemes

[groundloop]

Source: ABC

In recent months, the Obama administration has taken steps to stem the tide of home foreclosures, unveiling a $275 billion plan to address the housing crisis, but now officials must also find a way to stop foreclosure schemes that prey on struggling homeowners.

Today the administration will launch a multi-agency crack down on these schemes, with Treasury Secretary Tim Geithner, Attorney General Eric Holder, and Housing & Urban Development Secretary Shaun Donovan announcing new measures at a Monday press conference in Washington.

According to an administration official, they will "announce new initiatives to coordinate information and resources across agencies to maximize targeting and efficiency in fraud investigations, alert financial institutions to emerging schemes, step up enforcement actions and educate consumers to help those in financial trouble avoid becoming the victims of a loan modification or foreclosure rescue scam."

Joining Geithner, Holder, and Donovan at the announcement will be Federal Trade Commission Chairman Jon Leibowitz and Illinois Attorney General Lisa Madigan.


Read more: http://blogs.abcnews.com/thenote/2009/04/administration.html

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The article also stated that ads will be run in the seven states hardest hit by foreclosures directing people to go to FederalReserve.gov to get information on fradulent foreclosure scams.


GOOD!!! Put those damned scam artists in jail, and beyond that educate their potential victims so the scammers have fewer people to prey on.

[Javaman]

1. sadly, as good as this sounds, that horse has already left the gate.

unless of course they are going to actually investigate those that perpetrated this crime.

I'm holding my breath.