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Nationwide Mortgage Fraud Task Force Act of 2008

Floor Speech

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Location: Washington, DC


NATIONWIDE MORTGAGE FRAUD TASK FORCE ACT OF 2008 -- (House of Representatives - September 22, 2008)

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Mr. BROUN of Georgia. I thank the gentleman for yielding.

Mr. Speaker, I believe that people who commit fraud should be held responsible at the highest degree. I think the greatest form of fraud that we have in America and has been part of the problem that has created this financial crisis is an act passed by Congress called the Community Development Act. This has created a system that people are fraudulently giving mortgages, but it has also created a system where groups, community development organizations such as Acorn are holding financial institutions hostage. They use threats, extortion and bribes to try to get these financial institutions to give loans to people who can't pay, and it has created a system in America that has caused a meltdown in our whole financial system.

If we are going to start dealing with fraud in America, we need to start dealing with the greatest source of fraud, and the Community Development Act is one of those. We need to repeal the Community Development Act. We need to stop Acorn and other types of organizations like this from threatening our financial institutions. We need to put America back on a strong financial basis. Only by repealing the Community Development Act will we do so. We have to find solutions. We can't just play around the edges as we are doing now.

We will be voting on a bill very shortly to try to bail out financial institutions in America. I am very skeptical of the bill, frankly. But we do know that there are some very inherent problems in bills that were passed by this House as well as the Senate and put into law.

We need to repeal the Community Development Act as well as other acts such as that which have created this house of cards financially that is collapsing around our ears.

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