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March 20, 2009
Officials warned U.S. lawmakers today that everything possible needs to be done to fight the war on mortgage fraud.
Lawmakers and officials alike said that more attention and resources are necessary to handle financial crimes in this economic and financial market downturn. Also stressed was the need for greater cooperation between agencies and uniformity of the national mortgage regulations.
Federal Reserve Governor Elizabeth Duke gave an update of the Federal Reserve's progress on mortgage fraud prevention to the U.S. House Financial Services Committee. Duke told the Committee that the Federal Reserve conducts regular examinations of state member banks and bank holding companies, examining the mortgage businesses of the lenders, including subprime residential portfolios.
Read story at NASDAQ News
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