Nationwide Mortgage Fraud Coordinator Act of 2008

Nationwide Mortgage Fraud Coordinator Act of 2008 - Requires the Director of the Federal Bureau of Investigation (FBI) to assign the Chief of its Financial Crimes Section, Criminal Investigative Division, to be the Nationwide Mortgage Fraud Coordinator, who shall oversee all FBI activities related to investigation of mortgage fraud.

Directs the Coordinator to: (1) establish regional task forces, consisting of the voluntary participation of federal, state, and local law enforcement and prosecutorial agencies, to organize initiatives to address mortgage fraud; (2) train such agencies; (3) collect and disseminate mortgage fraud data; and (4) perform other related functions.

Authorizes the Coordinator to: (1) establish a toll-free hotline and other information systems for receiving reports and informing the public about mortgage fraud; and (2) creating a database of mortgage industry license suspensions and revocations.

Authorizes the Department of Justice, upon consideration of any recommendations by the Coordinator, to: (1) propose legislation to federal, state, and local legislative bodies to assist in the detection, investigation, and prosecution of mortgage fraud, including measures to address mortgage loan procedures and property appraiser practices; and (2) make recommendations to Congress as to the need for additional resources to combat mortgage fraud.

[Congressional Bills 110th Congress]
[From the U.S. Government Printing Office]
[H.R. 6853 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 6853

  To establish in the Federal Bureau of Investigation the Nationwide 
   Mortgage Fraud Task Force to address mortgage fraud in the United 
                    States, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 9, 2008

 Mr. Meek of Florida introduced the following bill; which was referred 
                   to the Committee on the Judiciary

_______________________________________________________________________

                                 A BILL


 
  To establish in the Federal Bureau of Investigation the Nationwide 
   Mortgage Fraud Task Force to address mortgage fraud in the United 
                    States, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Nationwide Mortgage Fraud Task Force 
Act of 2008''.

SEC. 2. NATIONWIDE MORTGAGE FRAUD TASK FORCE.

    (a) Establishment.--There is established in the Federal Bureau of 
Investigation (hereinafter referred to in this section as the ``FBI'') 
the Nationwide Mortgage Fraud Task Force (hereinafter referred to in 
this section as the ``Task Force'') to address mortgage fraud in the 
United States.
    (b) Support.--The Director of the FBI shall provide the Task Force 
with the appropriate staff, administrative support, and other resources 
necessary to carry out the duties of the Task Force.
    (c) Executive Director.--The Director of the FBI 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.
    (d) Regional Branches.--The Task Force shall establish, oversee, 
and direct regional branches in each of the 10 States determined by the 
Director of the FBI to have the highest concentration of mortgage 
fraud.
    (e) Mandatory Functions.--The Task Force, including the regional 
branches of the Task Force, shall--
            (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;
            (2) provide training to Federal, State, and local law 
        enforcement and prosecutorial agencies with respect to mortgage 
        fraud, including related Federal and State laws;
            (3) collect and disseminate data with respect to mortgage 
        fraud, including Federal, State, and local data relating to 
        mortgage fraud investigations and prosecutions; and
            (4) perform other functions determined by the Director of 
        the FBI to enhance the detection of, prevention of, and 
        response to mortgage fraud in the United States.
    (f) Optional Functions.--The Task Force, including the regional 
branches of the Task Force, may--
            (1) initiate and coordinate Federal mortgage fraud 
        investigations and, through the coordinating entities 
        established under subsection (e), State and local mortgage 
        fraud investigations;
            (2) establish a toll-free hotline for--
                    (A) reporting mortgage fraud;
                    (B) providing the public with access to information 
                and resources with respect to mortgage fraud; and
                    (C) directing reports of mortgage fraud to the 
                appropriate Federal, State, and local law enforcement 
                and prosecutorial agency, including to the appropriate 
                regional branch of the Task Force;
            (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;
            (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
            (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.
    (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.
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