MORTGAGE FRAUD
(House of Representatives - October 13, 2011)

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[Page H6867]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                             MORTGAGE FRAUD

  (Mr. MARCHANT asked and was given permission to address the House for 
1 minute.)
  Mr. MARCHANT. Madam Speaker, in my district and across America, 
mortgage fraud is a serious crime that's hurt homeowners, businesses, 
and the economy.
  The exact amount of losses attributed to mortgage fraud is unknown, 
but some estimates state that $10 billion of loans were originated with 
fraudulent applications in 2010. Major contributors to mortgage fraud 
are carried out by nonresident aliens and illegal immigrants.
  HUD's Office of Inspector General noted that one loan officer gave 
fraudulent documents to undocumented immigrants in order to obtain FHA-
insured mortgages. HUD then realized $3.2 million in losses.
  To correct this problem, I've introduced H.R. 695. The purpose of my 
bill is to cut down on such waste. It does so by requiring E-Verify 
checks with mortgage applications where the mortgage is guaranteed by 
an agency of the Federal Government. This will help stop the fraud in 
our mortgage system.
  Please join with me in ending this mortgage fraud and help me support 
H.R. 695.

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