Monday, April 20, 2009

US Mortgage Fraud Calls for Action

Here's an interesting piece in the editorial section I came across today in The NY Times. This post highlights that although Washington is spending billions to help boost our financial system, it is doing little or nothing to strengthen the government's ability to investigate and prosecute the mortgage frauds that helped cause our economic collapse.

There is though a bipartisan measure which was newly approved by the Senate Judiciary Committee and is now being brought before the full senate. The Fraud Enforcement and Recovery Act of 2009 would expand the number of officials and agents devoted to pursuing financial crimes. The measure involves spending $490 million over the next two years.

Does this warrant the nation's spending?

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