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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Jul 21, 1995.
Amends the Federal criminal code to: (1) include equity skimming as a money laundering offense; and (2) include within provisions pertaining to obstruction of a Federal audit, attempts to influence, obstruct, or impede a Federal auditor in the performance of official duties relating to any property that is security for a mortgage that is insured, guaranteed, acquired, or held by the Secretary of Housing and Urban Development pursuant to specified provisions described in the National Housing Act. Amends such Act to require each contract for mortgage insurance to authorize the Secretary to recover from an owner, agent, manager, or other person (owner) who is otherwise in custody, control, or possession of property that is security for a mortgage note insured, acquired, or held by the Secretary and who is convicted of equity skimming, an amount equal to the sum of any benefit of insurance conferred on the mortgagee by the Secretary with respect to such property and any other losses incurred by the Secretary in connection with such property if the Secretary determines that the violation contributed to such conferred benefit or incurred loss. Specifies that any recovery under this provision shall be in addition to any fine, imprisonment, or other penalty imposed under such Act.