S.Amdt. 997

1. Adds SEC. ___. NATIONWIDE MORTGAGE FRAUD TASK FORCE wherever appropriate

   Adds a section

   Inserted: SEC. ___. NATIONWIDE MORTGAGE FRAUD TASK FORCE.

   Inserted: (a) Establishment.--There is established in the Department of Justice the Nationwide Mortgage Fraud Task Force (hereinafter referred to in this section as the "Task Force") to address mortgage fraud in the United States.

   Inserted: (b) Support.--The Attorney General shall provide the Task Force with the appropriate staff, administrative support, and other resources necessary to carry out the duties of the Task Force.

   Inserted: (c) Executive Director.--The Attorney General shall appoint one staff member provided to the Task Force to be the Executive Director of the Task Force and such Executive Director shall ensure that the duties of the Task Force are carried out.

   Inserted: (d) Branches.--The Task Force shall establish, oversee, and direct branches in each of the 10 States determined by the Attorney General to have the highest concentration of mortgage fraud.

   Inserted: (e) Mandatory Functions.--The Task Force, including the branches of the Task Force established under subsection (d), shall--

   Inserted: (1) establish coordinating entities, and solicit the voluntary participation of Federal, State, and local law enforcement and prosecutorial agencies in such entities, to organize initiatives to address mortgage fraud, including initiatives to enforce State mortgage fraud laws and other related Federal and State laws;

   Inserted: (2) provide training to Federal, State, and local law enforcement and prosecutorial agencies with respect to mortgage fraud, including related Federal and State laws;

   Inserted: (3) collect and disseminate data with respect to mortgage fraud, including Federal, State, and local data relating to mortgage fraud investigations and prosecutions; and

   Inserted: (4) perform other functions determined by the Attorney General to enhance the detection of, prevention of, and response to mortgage fraud in the United States.

   Inserted: (f) Optional Functions.--The Task Force, including the branches of the Task Force established under subsection (d), may--

   Inserted: (1) initiate and coordinate Federal mortgage fraud investigations and, through the coordinating entities established under subsection (e), State and local mortgage fraud investigations;

   Show 11 more inserted paragraphsShow less

   Inserted: (2) establish a toll-free hotline for--

   Inserted: (A) reporting mortgage fraud;

   Inserted: (B) providing the public with access to information and resources with respect to mortgage fraud; and

   Inserted: (C) directing reports of mortgage fraud to the appropriate Federal, State, and local law enforcement and prosecutorial agency, including to the appropriate branch of the Task Force established under subsection (d);

   Inserted: (3) create a database with respect to suspensions and revocations of mortgage industry licenses and certifications to facilitate the sharing of such information by States;

   Inserted: (4) make recommendations with respect to the need for and resources available to provide the equipment and training necessary for the Task Force to combat mortgage fraud; and

   Inserted: (5) propose legislation to Federal, State, and local legislative bodies with respect to the elimination and prevention of mortgage fraud, including measures to address mortgage loan procedures and property appraiser practices that provide opportunities for mortgage fraud.

   Inserted: (g) Definition.--In this section, the term "mortgage fraud" means a material misstatement, misrepresentation, or omission relating to the property or potential mortgage relied on by an underwriter or lender to fund, purchase, or insure a loan.

   Inserted: (h) Authorization of Appropriations.--There are authorized to be appropriated--

   Inserted: (1) $1,500,000 for the training of law enforcement personnel under subsection (e)(2); and

   Inserted: (2) $50,000,000 for the Task Force to carry out this section.

   The amendment doesn't say where this goes; the clerk decides.

   Original wording

   At the appropriate place, insert the following:

Read automatically from the Congressional Record. Check the original before relying on it.

As printed