According to the Arizona Republic, The federal goverment will give Arizona almost $2 million to help in the fight against mortgage scammers over the next year. This federal money will be used toward the enforcement and prevention of scams that lead to the housing market collapse and also, current scam which are preventing the full recovery of the current housing market.
For all of these efforts, Arizona is receiving 1.7 million dollars from the federal goverment. As said in the Arizona Republic, the Phoenix metro area has been hit harder with mortgage scams than most areas in the country. This is why Arizona is receiving a large portion of the federal money allotted toward the interruption of current mortgage scams and the prevention of any future scams.
Phoenix and the rest of the state, described by U.S. Attorney General Eric Holder as one of the national mortgage-fraud “epicenters,” is tagged to get almost a quarter of the nearly $8 million being distributed for the task in the federal government’s fiscal 2010 budget.
Holder made the announcement in Phoenix on Thursday at a mortgage-fraud summit held at U.S. District Court. Holder’s statement came after a string of appraisers, lenders, law-enforcement officials and others talked about errors that led to the housing bubble and possible ways to keep it from happening.
If you are currently looking for a mortgage, or struggling with one you already have, there are many different scams still prevelent in the industry. Be aware of scam artist who target first time buyers or distressed home owners who are trying to sell or refinance their homes quickly.
There are resources available to people who wish to learn more about mortgage scams. Most importantly, is it important to thoroughly research any organization who offers you help with receiving a mortgage or adjusting a your current mortgage. If you wish to learn more about mortgage scams you can visit www.fbi.gov more information.
