STOP FRAUD 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.


... morehide bill summary

Sponsor

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

Committees

• Senate Banking, Housing, and Urban Affairs

Amendments

This bill has no amendments.

Amendments to S.1222

Number	Status	Purpose

Bill Status

Make a Bill Status Widget

	OpenCongress widgets allow you to display information about bills and issue areas on your own website or blog. First, select which bill or issue you want to track, then customize the appearance of the panel, and finally paste a simple chunk of HTML into your site. Now your community will have an easy, up-to-date way to track the status of important bills and issues in Congress.

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

Show All Actions (4 actions)Hide Actions

All Bill Actions

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

---

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

Show More User Statistics... Hide User Statistics

In the News

We are not currently finding any news articles on this topic using our daily automated search of Google News. However, if you know of a relevant news article to display here, OpenCongress site editors have the ability to add it manually. Simply e-mail us the web address of this page and the web address of your suggested news article: We'll post relevant links as quickly as possible. Also, if this topic is important to you, you could write a letter to the editor -- if a news article refers this specific topic by name, a link to that news article is likely to appear here soon.

Information made available by:

Blog Coverage

December 14, 2008 Calculated Risk: MBA on Fraud: We're the Victims Here

[S. 1222] inappropriately conflates mortgage fraud with predatory lending. Indeed, several of the provisions have little, if anything, to do with mortgage fraud as that term is understood by law enforcement officials and the mortgage ...

Was this article useful? Yes or No

Source: Calculated Risk

Did you find this article useful? Your opinion counts - together, we're finding the very best news and blog coverage about Congress available on the web.

November 14, 2008 Obama Foreign Policy Experience | SAVAGE POLITICS

... Introduced 3/15/07; S. 976, Introduced 3/23/07; S. 1067, Introduced 3/29/07; S. 1068, Introduced 3/29/07; S. 1084, Introduced 4/10/07; S. 1151, Introduced 4/18/07; S. 1181, Introduced 4/20/07; S. 1222, Introduced 4/25/07; S. 1271, ...

Was this article useful? Yes or No

Source: SAVAGE POLITICS

Did you find this article useful? Your opinion counts - together, we're finding the very best news and blog coverage about Congress available on the web.

November 01, 2008 Email Hackery, Working for the little guy, who’s going neg ...

S.1222 : A bill to stop mortgage transactions which operate to promote fraud, risk, abuse, and under-development, and for other purposes._Sponsor: Sen Obama, Barack [IL] (introduced 4/25/2007) Cosponsors (1) _Committees: Senate Banking, ...

Was this article useful? Yes or No

Source: NO QUARTER

Did you find this article useful? Your opinion counts - together, we're finding the very best news and blog coverage about Congress available on the web.

53 more posts...
See most useful blog posts

Information made available by: