Schumer tackles mortgage fraud-prevention
Sen. Charles Schumer (D-N.Y.) announced legislation Monday that would help district attorneys around the country fight the growing problem of mortgage fraud.
Police in Nassau and Suffolk say they?re being slammed with reports of mortgage fraud cases.
?The problem is at what I call tsunami level,? says Marshall Trager, who runs the Nassau County District Attorney's Crimes Against Real Estate division. ?We have allegations involving appraisal fraud, you have allegations, of course, involving mortgage brokers who have falsified the loan documents.?
The Suffolk County District Attorney?s Office has a similar division that also been inundated with fraud cases.
Schumer?s legislation would funnel $100 million locally to prosecute the crimes.
?The fraud units will protect homeowners from the criminals, insure that rather than walking away from their crimes, these horrible scam artists, these bottom-crawlers are prosecuted to the fullest extent of the law,? Schumer says.
If Schumer?s legislation is approved the mortgage fraud prevention fund would be run by the Department of Justice.
To see extended footage of Schumer's press conference, go to Channel 612 on your iO digital cable box and select iO Extra.