Testimony

ALTA Testifies at House Financial Services Hearing on the Title Industry's Role in Detecting Mortgage Fraud

ALTA Board Member Frank Pellegrini testified today at a House Financial Services Subcommittee on “Strengthening Oversight and Preventing Fraud in FHA and other HUD Programs.” Pellegrini, President of Prairie Title in Chicago, IL, told Members of Congress, "title professionals enjoy a unique vantage point from which to observe, identify and thwart instances of fraud. Title agents are the independent third party to the transaction whose only interest is to the integrity of the transaction and the protection of our customers. Through training and experience, we hone our ability to spot improper transactions every day."

Supporting Documents

Mortgage Fraud Links

FREDDIE MAC - Avoiding Mortgage Fraud
Layman’s guide to Mortgage Fraud, including examples and links to assistance.
www.freddiemac.com/avoidfraud

MBAA-MBA Fights Mortgage Fraud
Complete one stop web sites for mortgage fraud information and news.  Links to the FBI and reports by the Mortgage Asset Research Institute reports on Mortgage Fraud.
www.mortgagebankers.org/IndustryResources/ResourceCenters/MortgageFraudResourceCenter.htm
www.homeloanlearningcenter.com/ConsumerHelpDesk/UnderstandingandReportingSuspectedPredatoryLendingandFraud.htm

FBI-Mortgage Fraud
A comprehensive overview of mortgage fraud in the US, Including links to news, real stories, and statistics.
www.fbi.gov/hq/mortgage_fraud.htm

DOJ-Mortgage Fraud
Information on reporting mortgage fraud to law enforcement as well as news regarding mortgage fraud.
www.justice.gov/usao/md/Mortgage-Fraud/index.html

National Association of Realtors - Field Guide to Mortgage Fraud
A compendium of mortgage fraud resources.  Includes links to both federal and state law enforcement and regulators. Consumer friendly explanations of mortgage fraud to assist consumers protect themselves.
www.realtor.org/library/library/fg330

AnnualCreditReport.com
Allows consumers to track changes to their credit history and prevent erroneous and fraudulent transaction using their identity.
www.homeloanlearningcenter.com/ConsumerHelpDesk/UnderstandingandReportingSuspectedPredatoryLendingandFraud.htm/

FTC - Identity Theft
A comprehensive web site on identity theft and its impact on consumers.  Provides assistance to consumers who suspect they are the victim on identity theft.
www.ftc.gov/bcp/edu/microsites/idtheft/

FTC - Understanding Mortgages
Provides information about mortgages and the home buying process.  Helps consumers defend themselves from being the victims of mortgage and foreclosure assistance scams.
www.ftc.gov/bcp/menus/consumer/credit/mortgage.shtm

BITS - Mortgage Fraud Prevention: An Education and Awareness Toolkit for Consumers
A report on mortgage fraud and how to avoid becoming a victim.  Gives examples of common schemes and tips for obtaining a legitimate mortgage.
www.bitsinfo.org/downloads/Publications%20Page/BITSMortgageConsToolkit013108FINAL.pdf

HUD - Don't Be A Victim Of Loan Fraud
Tips to assist consumers from being the victim on loan fraud.  Provides 11 tips to being a smart mortgage consumer.
www.hud.gov/offices/hsg/sfh/buying/loanfraud.cfm

Treasury Department FINCEN – Mortgage Fraud
News releases, reports, speeches and testimony from the Financial Crimes Enforcement Network
www.fincen.gov/mortgagefraud.html

Contact Government Affairs Staff

Justin Ailes Director of Government Affairs E-Mail: justin@alta.org Phone: 202-296-3671 Ext. 215 Contact Me About: State Legislative/Regulatory Issues