Authorities to Chase Scammers Targeting Homeowners
Government officials and law enforcement agency recently announced their renewed plan to crack down scammers who take advantage of the current financial condition by offering illicit transaction to homeowners.
For the past couple of months, incidents involving mortgage frauds have risen as cash-strapped homeowners easily fall victims to scammers.
Government officials and law enforcement agency recently announced their renewed plan to crack down scammers who take advantage of the current financial condition by offering illicit transaction to homeowners.
According to authorities, cases which involve mortgage frauds have been steadily increasing for the past few months as cash-strapped homeowners easily fall victim to such illicit transactions.
To curb mortgage and foreclosure scams, the Treasury Department and financial institutions will work together to pinpoint mortgage companies which offer dubious loan-modification schemes to homeowners.
In an interview with Treasury Department secretary Timothy Geithner, he said that common individuals should also be extra careful to avoid being victimized by fraudsters and scammers.
“Educating people is also a great way to deal with the problem. Meanwhile, it is also important that state and federal regulators should work closely by sharing information to make sure that mortgage lenders are operating in a lawful way”, Geithner said.
The secretary also said they are now chasing mortgage rescue scammers and will make sure that these people will be prosecuted to the fullest extent of the law.
According to the Federal Bureau of Investigation (FBI), cases of mortgage fraud have increased more than 400 percent since 2004. With such cases, the agency is investigating more than 2000 companies believed to be operating illegally.
Comment
Categories
- Franchise Opportunities
- Wholesale Business Opportunities
- Small Manufacturing Business
- Farming Business Ideas
- Unique Business Opportunities
- Shop Business Ideas
- Small Business Opportunities
- Startup Company Ideas
- Home Based Business Opportunity
- Rural Business Opportunities
- Tips for Buying and Selling
- Starting Rental Business
- Ideas for Small Business
- Free Business Ideas
- Internet Business Ideas
- Store Business Opportunities
- Entrepreneur Business Idea
- Retail Store Ideas
- Service Business Ideas
- Advice for Small Business
- Financing a Small Business
- Restaurant Business Opportunities
- Small Business Articles
- Business Marketing and Advertising
- Business News
- Repair Business Opportunity
- Professional Career Opportunities
- Business Insurance Information
- Instructor Guides
