The Obama Administration announced a new coordinated effort across federal and state government and the private sector to target mortgage loan modification fraud and foreclosure rescue scams that threaten to hurt American homeowners seeking assistance under the Making Home Affordable program .
“The Administration’s Making Home Affordable program is a critical piece of our efforts to stabilize the financial system and ensure that it works with our efforts to grow the economy,” said Treasury Secretary Tim Geithner. “American homeowners desperately need the relief this program offers, but the very last thing they need is to be taken advantage of as they try to hold on to their homes. This Administration is deeply committed not just to providing at-risk homeowners with assistance but also to cracking down on anyone who seeks to defraud them.”
The U.S. Department of the Treasury and Financial Crimes Enforcement Network (FinCen0) have an advanced targeting effort already underway to combat fraudulent loan modification schemes and coordinate ongoing efforts across agencies to investigate fraud and assist with enforcement and prosecutions.
As part of this effort, Attorney General Eric Holder has emphasized his Department’s commitment to ensure a response to the problem. “For millions of Americans, the dream of home ownership has become a nightmare because of the unscrupulous actions of individuals and companies who exploit the misfortune of others. The Department of Justice’s message is simple: if you discriminate against borrowers or prey on vulnerable homeowners with fraudulent mortgage schemes, we will find you, and we will punish you.”
Several private loan servicers, as well as HUD are distributing materials warning consumers nationwide about mortgage relief scams. “There are legitimate people, places, and agencies that American families can turn to when they are facing foreclosure, starting with www.MakingHomeAffordable.gov and the Homeowner’s HOPE Hotline at 1-888-995-HOPE for free foreclosure counseling assistance,” said HUD Secretary Donovan.
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