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03/17/10

Homeowners Urged to Report Loan Scams

Newsday reported on the gathering of 200 faith-based and social service organizations in Long Island, New York to learn how to fight against loan scams from a panel of foreclosure rescue scam experts. Neighborworks America, a leading partner in the Loan Modification Scam Prevention Network, joined state and local enforcement officials to publicize the coalition's efforts.

 The panel of non-profit, enforcement and government leaders warned homeowners of loan scam tactics and how they can fight back by reporting complaints to a national database. Homeowners were urged to report complaints of loan scams to the national database developed by the Lawyers Committee for Civil Rights. Access to these complaints will allow law enforcement agencies along with non-profit organizations to coordinate efforts to shut-down loan scammers.

 "If they can take subpoenas out against bad guys, they'll do that," said Eileen Anderson, senior vice president of the Community Development Corp. of Long Island, a nonprofit housing agency. Loan scammers are using increasingly deceptive tactics to prey upon homeowners. These reports will enable law enforcement to be more proactive and protect distressed homeowners from the deceptive practices of loan scammers.

For more information, read the Newsday article "Been scammed by a loan-modification company? Report it"