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03/30/10

U.S. Attorney General and Arizona Attorney General Pledge Aggressive Fight against Mortgage Fraud

RealEstateRama in Arizona reported on the $1.7 million joint federal and state effort to fight against mortgage fraud. United States Attorney General Eric Holder and Arizona Attorney General Terry Goddard pledged to join resources at a summit attended by the Financial Fraud Enforcement Task Force members, law enforcement and regulatory officials.

Sending a resounding warning to loan scammers, Holder stated "You will be found, you will be prosecuted, and you will be punished." The foreclosure crisis in Arizona is dire and requires a multilateral approach by local, state and federal officials.  As a result, "We're using every tool at our disposal" Holder said. Loan scammers will not be able to proliferate freely in Arizona or across the country.

 "Arizona's economic recovery lags [behind] the rest of the nation in large part because of the foreclosure crisis and the high volume of housing fraud here," Goddard said. The state's share of the $8 million federal dollars dedicated to fight mortgage fraud represents the impact of scammers on its overall economic health. Arizona currently ranks 1st in home foreclosures on mortgages funded by the Federal Housing Administration.  

Mortgage fraud has reached "crisis proportions" according to Holder. The Loan Modification Scam Prevention Network is applauds this effort and is dedicated to working to support federal and state governments as they fight against the scourge of loan scammers.

For more information read, RealEstateRama's article Terry Goddard, Eric Holder Pledge Aggressive Fight against Mortgage Fraud