Law and regulation

MBA Asks Senate Panel for More FBI $

March 10, 2006, 3:00 p.m. EST 1 Min Read

The Mortgage Bankers Association has asked a Senate subcommittee to push for an additional $6.25 million in government spending to combat mortgage fraud.In a letter sent to Sen. Richard Shelby, R-Ala., chairman of the Appropriations subcommittee on commerce, justice, and science, the trade group asks that the money be spent over a five-year period to help the FBI track down and prosecute mortgage fraud. The MBA says the money can be used to hire 30 additional FBI field agents and two prosecutors. Back in December, National Mortgage News, quoting FBI figures, reported that the industry suffered $1.01 billion in losses during 2005 due to mortgage fraud.

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Law and regulation

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