ST. LOUIS, Mo. – The United States attorney in Missouri has formed a mortgage fraud task force composed of credit unions, bankers, brokers and federal and state officials.
"We can certainly bring something to the table," said Amy McLard, vice president of public/legislative affairs for the Missouri Credit Union Association.
McLard said the association released an 83-page study on the subprime mortgage market in July and will be happy to provide lessons gleaned from the study and suggestions on best practices to Missouri's lenders.
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"After all," she said, "credit unions are part of the solution."
The taskforce was formed to stop mortgage fraud before it starts by educating industry officials, to ensure that all cases of fraud are brought to the attention of law enforcement and prosecutors and, once cases are charged, to ensure that communities victimized by mortgage fraud get their day in court.
Missouri enacted a law in June defining mortgage fraud as making false statements or failing to disclose material facts. It creates fines and allows for the licenses of real estate brokers, agents and appraisers to be revoked. It also bars attempts to influence real estate appraisals through extortion or bribery.
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