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Additional Funding for Fraud Fight
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May 21, 2009
President Barack Obama signed a new law that ensures stricter guidelines for FHA lenders to help ward off predatory loan originators. There are also additional monies to help fight mortgage fraud.
The Helping Families Save Their Homes Act of 2009 was signed by the President yesterday. The new Act, that imposes tougher requirements for FHA lender approval was supported by the National Association of Mortgage Brokers, as reported by MortgageDaily.com.
In addition, President Obama also signed the Fraud Enforcement and Recovery Act which includes $245 million in funding to pump up mortgage fraud law enforcement.
Read more of the story at MortgageDaily.com
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