4.39: Mortgage Accountability
Ensure more accountability in the subprime mortgage industry. Other Information:
Obama has been closely monitoring the subprime mortgage situation for years, and introduced comprehensive legislation over
a year ago to fight mortgage fraud and protect consumers against abusive lending practices. Obama's STOP FRAUD Act provides
the first federal definition of mortgage fraud, increases funding for federal and state law enforcement programs, creates
new criminal penalties for mortgage professionals found guilty of fraud, and requires industry insiders to report suspicious
activity.
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