Stopping Mortgage Transactions which Operate to Promote Fraud, Risk, Abuse, and Underdevelopment Act

A bill to stop mortgage transactions which operate to promote fraud, risk, abuse, and under-development, and for other purposes.

4/25/2007--Introduced.
Stopping Mortgage Transactions which Operate to Promote Fraud, Risk, Abuse and Underdevelopment Act, or the STOP FRAUD Act - Amends federal criminal law to make it unlawful for any mortgage professional to:
(1) defraud any natural person or financial institution regarding an offer of consumer credit secured by an interest either in real property or in personal property used as a principal dwelling; or
(2) falsely obtain money or property from a natural person in connection with an extension of consumer credit secured by an interest in such property.
Subjects violations of this Act to civil and criminal penalties.
Directs the Attorney General to establish:
(1) a system for authorized mortgage professionals to receive updates from federal law enforcement agencies on suspicious activity trends in the mortgage industry and mortgage fraud-related convictions;
(2) a Debarred or Censured Mortgage Professional Database that may be accessed to determine the federal and state bar status of mortgage professionals; and
(3) grants to assist law enforcement agencies establish and improve mortgage fraud task forces.
Grants whistleblower protection to personnel of a widely accepted private certification board.
Amends the Housing and Urban Development Act of 1968 to authorize the Secretary of Housing and Urban Development (HUD) to provide tenants, homeowners, and other consumers with mortgage fraud counseling.
Directs the Secretary to provide grants to state appraisal agencies to improve the monitoring and enforcement of housing appraisal regulations.
Sets forth additional rights of borrowers in foreclosure proceedings.


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Sponsor

• Sen. Barack Obama [D, IL]
• and 1 Co-Sponsors
  • Sen. Richard Durbin [D, IL]
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Committees

• Senate Banking, Housing, and Urban Affairs

Amendments

This bill has no amendments.

Amendments to S.1222

Number	Status	Purpose

Bill Status

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Introduced		Voted on by Senate		Voted on by House		Considered By President		Bill Becomes Law
April 25, 2007

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All Bill Actions

• Apr 25, 2007: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
• Apr 25, 2007: Sponsor introductory remarks on measure. (CR S5106)
• Introduced on Apr 25, 2007.
• Apr 25, 2007: Introductory remarks on measure. (CR S5106)

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Related Issue Areas:

• Housing
• Consumer credit
• Consumers
• Counseling
• 13 more
• Criminal justice
• Criminal justice information
• Finance
• Fines (Penalties)
• Foreclosure
• Fraud
• Government information
• Home ownership
• Law
• Mortgages
• Real estate appraisal
• Social services
• Whistle blowing

Data from the Congressional Research Service

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Blog Coverage

April 03, 2008 Look, My Children, and You Will See; The Downfall of Hillary

Obama's introduction of S. 1222. If you don't feel like reading the entire transcript, here's an excerpt; "Many States are actively trying to prevent a wave of expected foreclosures as housing prices stop rising while adjustable rates ...

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March 01, 2008 Part A - The Beginning of the Formation of Making Takfeer ...

... quality health insurance coverage, and for other purposes” Obama also introduced a bill in the face of the mortgage foreclosure crisis: S.1222 : “A bill to stop mortgage transactions which operate to promote fraud, risk, abuse, ...

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October 19, 2007 Mortgage bond prices are hovering just above their 200-day moving ...

S. 1222 is once again cited as faulty for defining “mortgage fraud” to include obtaining money, including fees, under “false” pretenses and then failing to fully define that term. An example provided by the report would be a lender ...

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Source: Mortgage Guarantee

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