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April 2, 2009
In an effort to make it easier to prosecute mortgage fraud, mortgage companies might be called on to save their records for a decade.
The U.S. Justice Department is urging Congress to mandate mortgage companies to hang on to mortgage loan documents for 10 years. In testimony to the House of Representatives Judiciary Committee, Rita Glavin, acting head of the department's criminal division stressed the importance of having the documents available and their critical role in investigating or prosecuting mortgage fraud.
Lenders that go out of business often destroy documents or lose them in transitions. The committee is reviewing a number of proposed bills to fight mortgage fraud.
Read story at The New York Times
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