Georgia State Senate Approves Measure Criminalizing Foreclosure Fraud

Georgia State Senate Approves Measure Criminalizing Foreclosure Fraud

March 21, 2012

The Georgia State Senate has unanimously approved HB 237, legislation that will make foreclosure fraud a crime in Georgia. Currently, Georgia law criminalizes fraud during the mortgage process, but specifically does not penalize similar fraud in the foreclosure process. Georgia Attorney General Sam Olens thanked the Senate for their overwhelming bipartisan support of  HB 237.
“Georgia’s current mortgage fraud statute is insufficient and must be revised to criminalize fraud throughout the entire lending process, including foreclosure,” said Georgia Attorney General Sam Olens . “Just last month, 49 state attorneys general reached a $25 billion agreement with the nation’s five largest mortgage servicers to settle rampant fraud which occurred nationwide during the foreclosure process.”
“I applaud the members of the Senate for recognizing that Georgia urgently needs a law protecting borrowers during every stage of the lending process. I am grateful for the leadership of Sens. Bill Hamrick and Jesse Stone for shepherding the bill through the Senate. I look forward to continuing to work with the bill’s sponsor, Rep. Rich Golick, on gaining final approval for HB 237 in the House of Representatives, where it already passed last year 168-1.”

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