[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 3547 Introduced in Senate (IS)]







110th CONGRESS
  2d Session
                                S. 3547

    A bill 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.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

           September 23 (legislative day, September 17), 2008

  Mr. Nelson of Florida (for himself and Mr. Martinez) introduced the 
 following bill; which was read twice and referred to the Committee on 
                             the Judiciary

_______________________________________________________________________

                                 A BILL


 
    A bill 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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

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

SEC. 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.
                                 <all>