3.0.0 1222 2023-01-11T19:40:43Z 2023-01-11T19:40:43Z Senate S S 2007-04-25 110 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2007-04-25T23:15:19Z 2007-04-25 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2007-04-25 Sponsor introductory remarks on measure. (CR S5106) IntroReferral B00100 9 Library of Congress 2007-04-25 Introduced in Senate IntroReferral 10000 9 Library of Congress O000167 Sen. Obama, Barack [D-IL] Barack Obama D IL N D000563 Sen. Durbin, Richard J. [D-IL] Richard Durbin D IL J. 2007-04-25 True Housing and Community Development Commerce Consumer credit Counseling Crime and Law Enforcement Criminal justice information Finance and Financial Sector Fines (Penalties) Foreclosure Fraud Government Operations and Politics Home ownership Law Mortgages Real estate appraisal Social Welfare Whistle blowing Housing and Community Development 00 2007-04-25 Introduced in Senate 2007-10-04T21:04:35Z Stopping Mortgage Transactions which Operate to Promote Fraud, Risk, Abuse and Underdevelopment Act, or the STOP FRAUD Act - Amends federal criminal law to make it unlawful for any mortgage professional to: (1) defraud any natural person or financial institution regarding an offer of consumer credit secured by an interest either in real property or in personal property used as a principal dwelling; or (2) falsely obtain money or property from a natural person in connection with an extension of consumer credit secured by an interest in such property.

Subjects violations of this Act to civil and criminal penalties.

Directs the Attorney General to establish: (1) a system for authorized mortgage professionals to receive updates from federal law enforcement agencies on suspicious activity trends in the mortgage industry and mortgage fraud-related convictions; (2) a Debarred or Censured Mortgage Professional Database that may be accessed to determine the federal and state bar status of mortgage professionals; and (3) grants to assist law enforcement agencies establish and improve mortgage fraud task forces.

Grants whistleblower protection to personnel of a widely accepted private certification board.

Amends the Housing and Urban Development Act of 1968 to authorize the Secretary of Housing and Urban Development (HUD) to provide tenants, homeowners, and other consumers with mortgage fraud counseling.

Directs the Secretary to provide grants to state appraisal agencies to improve the monitoring and enforcement of housing appraisal regulations.

Sets forth additional rights of borrowers in foreclosure proceedings.

]]> Stopping Mortgage Transactions which Operate to Promote Fraud, Risk, Abuse, and Underdevelopment Act Official Title as Introduced A bill to stop mortgage transactions which operate to promote fraud, risk, abuse, and under-development, and for other purposes. Introduced in Senate IS Display Title Stopping Mortgage Transactions which Operate to Promote Fraud, Risk, Abuse, and Underdevelopment Act Short Titles as Introduced Stopping Mortgage Transactions which Operate to Promote Fraud, Risk, Abuse, and Underdevelopment Act Short Titles as Introduced STOP FRAUD Act Introduced in Senate 2007-04-25T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s1222is/xml/BILLS-110s1222is.xml 2007-04-25 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.