S. 1222 (110th): STOP FRAUD Act

Introduced:
Apr 25, 2007 (110th Congress, 2007–2009)
Status:
Died (Referred to Committee)
Sponsor
Barack Obama
Senator from Illinois
Party
Democrat
Text
Read Text »
Last Updated
Apr 25, 2007
Length
21 pages
Related Bills
S. 2280 (109th) was a previous version of this bill.

Referred to Committee
Last Action: Feb 14, 2006

 
Status

This bill was introduced on April 25, 2007, in a previous session of Congress, but was not enacted.

Progress
Introduced Apr 25, 2007
Referred to Committee Apr 25, 2007
 
Full Title

A bill to stop mortgage transactions which operate to promote fraud, risk, abuse, and under-development, and for other purposes.

Summary

No summaries available.

Cosponsors
1 cosponsors (1D) (show)
Committees

Senate Banking, Housing, and Urban Affairs

The committee chair determines whether a bill will move past the committee stage.

 
Primary Source

THOMAS.gov (The Library of Congress)

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Citation

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Notes

S. stands for Senate bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


4/25/2007--Introduced.
Stopping Mortgage Transactions which Operate to Promote Fraud, Risk, Abuse and Underdevelopment Act, or the STOP FRAUD Act - Amends federal criminal law to make it unlawful for any mortgage professional to:
(1) defraud any natural person or financial institution regarding an offer of consumer credit secured by an interest either in real property or in personal property used as a principal dwelling; or
(2) falsely obtain money or property from a natural person in connection with an extension of consumer credit secured by an interest in such property.
Subjects violations of this Act to civil and criminal penalties.
Directs the Attorney General to establish: (1) a system for authorized mortgage professionals to receive updates from federal law enforcement agencies on suspicious activity trends in the mortgage industry and mortgage fraud-related convictions; (2) a Debarred or Censured Mortgage Professional Database that may be accessed to determine the federal and state bar status of mortgage professionals; and (3) grants to assist law enforcement agencies establish and improve mortgage fraud task forces.
Grants whistleblower protection to personnel of a widely accepted private certification board.
Amends the Housing and Urban Development Act of 1968 to authorize the Secretary of Housing and Urban Development (HUD) to provide tenants, homeowners, and other consumers with mortgage fraud counseling.
Directs the Secretary to provide grants to state appraisal agencies to improve the monitoring and enforcement of housing appraisal regulations.
Sets forth additional rights of borrowers in foreclosure proceedings.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.

We’ll be looking for a source of summaries from the other side in the meanwhile.

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