Schumer Seeks To Authorize $100M To Unleash Real Estate, Mortgage Scam Cops Throughout Country

From the Office Of U.S. Senator Charles E. Schumer:

• United States Senator Charles E. Schumer, joined by [the five New York City District Attorneys], announced he is introducing new legislation to better protect homeowners from the recent wave of housing scams that are plaguing New Yorkers and homeowners across the country. The Fighting Real Estate Fraud Act of 2009 establishes a competitive grant program in the Department of Justice for local District Attorney’s offices to battle real estate fraud. The bill authorizes $100 million in grants for hiring specialized staff, such as investigators, forensic accountants, and attorneys, to offices demonstrating need for increased resources to combat mortgage scams.

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• Across the country, district attorneys, homeowner advocacy groups, state agencies and homeowners have had trouble investigating and prosecuting mortgage fraud cases due lack of staff and funding. The creation of Real Estate Fraud Units will resolve these issues by employing staffers who will be able to focus exclusively on real estate crimes that plague homeowners and prosecute scammers for their crimes.

For the entire press release, see Schumer, All Five NYC District Attorneys Unveil new Legislation To Crackdown On Flood Of New Mortgage Scams By Creating Elite mortgage Fraud Units In DA's Offices Across the Country (DA's Don't Have the Resources or Manpower to Fight New Wave of Mortgage Scams Amid Foreclosure Crisis).