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Issue Position: Mortgage Fraud

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Attorney General Biden is working hard to help homeowners avoid failing victims to mortgage scams and to prosecute those seeking to prey on them.

The national economic downturn in recent years has created challenges for Delaware families struggling to stay in their homes -- and made those families more susceptible to criminals who want to take advantage of them.

Attorney General Biden's Office has taken a leading role in helping Delaware homeowners avoid falling victims to scam artists with the Mortgage Fraud Task Force.

The task force works with the State Bank Commissioner and the Delaware State Housing Authority to direct homeowners to available services and provide information that homeowners can use to protect themselves.

Specifically, the task force helps educate homeowners about mortgages and the foreclosure process, directs homeowners to certified counselors and connects homeowners with state and federal assistance programs. The task force set up a hotline to provide information to homeowners and conducts seminars throughout the state to help homeowners.

Biden also charged the task force with taking aggressive action against those trying to prey on Delaware homeowners. The task force's work resulted in the largest mortgage rescue fraud indictment in Delaware's history earlier this year, with the ringleader facing decades behind bars.

To further protect, homeowners, Biden's office championed legislation to regulate mortgage lenders. The new law, which took effect last fall, places mortgage modification companies under the guidelines of the Mortgage Rescue Fraud Protection Act. This prevents companies from charging homeowners who are in foreclosure thousands of dollars in up-front fees to negotiate with loan servicers or lenders. Mortgage rescue companies have the upper hand when negotiating with financially-distressed homeowners struggling to keep their homes. This legislation makes it crystal clear that these vulnerable homeowners are protected under Delaware law from predatory practices.


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