President Obama is set to sign a bill designed to assist in bringing mortgage outlaws to justice. Supporters believe the bill will be self-financing, because the cost of implementation, estimated to be around $265 million per year, will be recovered through fines and other penalties levied against the perpetrators.
Unfortunately, when times are hard, and people are finding it difficult to meet their financial obligations, there will always be unscrupulous villains out to take advantage. It is good to know that the US government is determined to do all it can to catch these fraudsters, and make them pay dearly for their crimes.
Moves are afoot to have the FBI mortgage fraud squad increased by around 160 special agents. That should go some way to ensuring that many of the mortgage outlaws finish up in jail, with their ill begotten gains being confiscated and used to support the program.
The fact that the US government, is contemplating spending so much money on catching the mortgage conmen, serves to show how common the problem is. In such circumstances there is a need for homeowners to be particularly vigilant. Just remember if you are offered anything that seems too good to be true it probably is! But the conmen are very good, or bad, at what they do, and they will not readily take no for an answer. As a general rule, do not sign any paperwork or part with any money unless you know for certain whom you are dealing with, and even then be very careful.
You certainly, should never be prepared to discuss your financial circumstances with strangers, who might come knocking at your door, even if they seem to promise the earth. Fortunately, there are reputable people with whom it is safe to deal. They number among them qualified individuals who work at banks and in government departments. So, it is by far the best plan to discuss your requirements at respected premises, with qualified people who have been recommended to you, or whom you know you can trust. Whilst it is true that the image of the banking world has slipped, personal deposits and loans are frequently backed by the state.
Finance is a bit like health in that you cannot protect yourself against every eventuality. However, with due diligence you can be one of the vast number of people who are not victims of financial fraud. Just remember to be on your guard and don't get taken in.
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Bill to catch mortgage outlaws
Bill to catch mortgage outlaws
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