Georgia State Senate Approves Measure Criminalizing Foreclosure Fraud – NMP Skip to main content

Georgia State Senate Approves Measure Criminalizing Foreclosure Fraud

Mar 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.”
About the author
Published
Mar 21, 2012
Insuring The Risk To Lenders At Closing

Traditional protections like title insurance and closing protection letters may leave lenders exposed to significant settlement, funding, and fraud-related losses

CHLA Uses Trump Mortgage Order To Renew Push For LO Comp Reform

Community lenders want more flexibility over employee compensation, closing-cost estimates, down payment assistance, and federal supervision of smaller IMBs

Servicers Begin Testing Systems Ahead of VA Partial Claim Deadline

VA lenders and servicers have until Nov. 28 to implement the new loss mitigation waterfall and Partial Claim Program

ROAD Act’s Housing Incentive May Be Too Small To Move Supply

Realtor.com finds the median city risks losing only about $84,000, although the policy could carry more weight in supply-starved Northeast and Midwest markets

CRA Proposal Could Reshape Bank Lending And Affordable Housing Investment

The OCC and FDIC would put more weight on lending while easing community development requirements for hundreds of banks

Fannie Mae AI Governance Deadline Arrives Aug. 6

Seller/servicers using artificial intelligence in origination or servicing must have formal policies, oversight, and vendor controls in place