II 110th CONGRESS 2d Session H. R. 6853 IN THE SENATE OF THE UNITED STATES September 23 (legislative day, September 17), 2008 Received AN ACT To establish in the Federal Bureau of Investigation the Nationwide Mortgage Fraud Coordinator to address mortgage fraud in the United States, and for other purposes.

1.

Short title

This Act may be cited as the Nationwide Mortgage Fraud Coordinator Act of 2008.

2.

Establishment in the Federal Bureau of Investigation of the Nationwide Mortgage Fraud Coordinator

(a)

Establishment

The Director of the Federal Bureau of Investigation shall assign the Chief of its Financial Crimes Section, Criminal Investigative Division, in addition to other assigned duties, to be the Nationwide Mortgage Fraud Coordinator. (b)

Duties of the coordinator

The Nationwide Mortgage Fraud Coordinator shall oversee all Federal Bureau of Investigation activities related to the investigation of mortgage fraud, including the following: (1)Establishing and operating regional task forces, consisting of the voluntary participation of Federal, State, and local law enforcement and prosecutorial agencies, to organize initiatives to investigate mortgage fraud, including initiatives to enforce all pertinent Federal and State mortgage fraud laws. (2)Providing training to Federal, State, and local law enforcement and prosecutorial agencies with respect to mortgage fraud, including related Federal and State laws. (3)Collecting and disseminating data with respect to mortgage fraud, including, to the extent practicable, Federal, State, and local data relating to mortgage fraud investigations and prosecutions. (4)Preparing an annual report describing the Federal Bureau of Investigation’s efforts to combat mortgage fraud and the results of these efforts. This report shall be submitted by the Federal Bureau of Investigation to Congress. The initial report shall be submitted no later one year after the date of the enactment of this Act. (5)Making recommendations to the Director as to the need for resources to combat mortgage fraud. (6)Performing other duties as assigned that are related to the investigation and prosecution of mortgage fraud. (c)

Optional Functions

The Nationwide Mortgage Fraud Coordinator shall have the following optional responsibilities: (1)Establishing a toll free hotline and other information systems for— (A)receiving reports of mortgage fraud; (B)providing the public with access to information and resources with respect to mortgage fraud; and (C)directing reports or allegations of mortgage fraud to the appropriate Federal, State, or local law enforcement and prosecutorial agency, including any appropriate regional task force. (2)Creating a database with respect to suspensions and revocations of mortgage industry licenses and certifications to facilitate the sharing of such information by States. (d)

Optional responsibility of the Department of Justice

The Department of Justice, upon consideration of any recommendations by the Nationwide Mortgage Fraud Coordinator, may— (1)propose legislation to Federal, State, and local legislative bodies to assist in the detection, investigation, and prosecution of mortgage fraud, including measures to address mortgage loan procedures and property appraiser practices that provide opportunities for mortgage fraud; and (2)make recommendations to Congress as to the need for additional resources to combat mortgage fraud. (e)

Sunset

This section shall sunset September 30, 2015.

Passed the House of Representatives September 22, 2008. Lorraine C. Miller, Clerk