An Act to improve enforcement of mortgage fraud, securities and commodities fraud, financial institution fraud, and other frauds related to Federal assistance and relief programs, and for the recovery of funds lost to these fraud.
Amends the federal criminal code to include within the definition of "financial institution" a mortgage lending business or any entity that makes a federally related mortgage loan.
Extends the prohibition against making false statements in a mortgage application to employees and agents of a mortgage lending business.
Applies the prohibition against defrauding the federal government to fraudulent activities involving the Troubled Assets Relief Program (TARP) or a federal economic stimulus, recovery, or rescue plan.
Expands securities fraud provisions to cover fraud involving options and futures in commodities.
Authorizes appropriations to the Attorney General, the Postal Service, and HUD, for investigations, prosecutions, and civil proceedings involving federal assistance programs and financial institutions.
Amends the Omnibus Crime Control and Safe Streets Act of 1968 to define "covered criminal activity" as including a criminal conspiracy including economic crime, financial fraud, and mortgage fraud.
Topic: Budget & Economy
Headline: More enforcement of mortgage fraud and TARP fraud
Headline 2: Sponsored bill for more enforcement of mortgage & TARP fraud