Kyl Bill Targets Real-Estate Fraud

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Arizona Republic  
September 30, 2009
Reagor, Catherine

Sen. Jon Kyl (R-Ariz.) has joined with Sen. Charles Schumer (D-N.Y.) to co-sponsor the Fighting Real Estate Fraud Act of 2009, which would establish a grant program that everyone from local prosecutors to state attorneys general could tap to fund mortgage and real estate fraud investigations. The legislation defines such fraud as including "crime involving purposeful misrepresentations, forgeries, omissions to general applications, tax returns, financial statements, appraisals and valuations, verifications of deposit and employment, escrow and closing documents, credit reports, and any actions that may defraud a secured creditor." It also stipulates that local and state groups applying for funds to investigate fraud cases must do so through the U.S. attorney general's office.

 

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