S.3547 - Nationwide Mortgage Fraud Coordinator Act of 2008110th Congress (2007-2008)
Summary: S.3547 — 110th Congress (2007-2008)
Introduced in Senate (09/23/2008)
Nationwide Mortgage Fraud Coordinator Act of 2008 - Requires the Director of the Federal Bureau of Investigation (FBI) to assign the Chief of its Financial Crimes Section, Criminal Investigative Division, to be the Nationwide Mortgage Fraud Coordinator, who shall oversee all FBI activities related to investigation of mortgage fraud.
Directs the Coordinator to: (1) establish regional task forces, consisting of the voluntary participation of federal, state, and local law enforcement and prosecutorial agencies, to organize initiatives to address mortgage fraud; (2) train such agencies; (3) collect and disseminate mortgage fraud data; and (4) perform other related functions.
Authorizes the Coordinator to: (1) establish a toll-free hotline and other information systems for receiving reports and informing the public about mortgage fraud; and (2) creating a database of mortgage industry license suspensions and revocations.
Authorizes the Department of Justice, upon consideration of any recommendations by the Coordinator, to: (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; and (2) make recommendations to Congress as to the need for additional resources to combat mortgage fraud.