S.1222 - Federal Government - A bill to stop mortgage transactions which operate to promote fraud, risk, abuse, and under-development, and for other purposes.

A bill to stop mortgage transactions which operate to promote fraud, risk, abuse, and under-development, and for other purposes. 4/25/2007--Introduced. Stopping Mortgage Transactions which Operate to Promote Fraud, Risk, Abuse and Underdevelopment Act, or the STOP FRAUD Act - Amends federal criminal law to make it unlawful for any mortgage professional to: (1) defraud any natural person or financial institution regarding an offer of consumer credit secured by an interest either in real property or in personal property used as a principal dwelling; or (2) falsely obtain money or property from a natural person in connection with an extension of consumer credit secured by an interest in such property.Subjects violations of this Act to civil and criminal penalties.Directs the Attorney General to establish: (1) a system for authorized mortgage professionals to receive updates from federal law enforcement agencies on suspicious activity trends in the mortgage industry [...]

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