Mr. MARCHANT. Madam Speaker, in my district and across America, mortgage fraud is a serious crime that's hurt homeowners, businesses, and the economy.
The exact amount of losses attributed to mortgage fraud is unknown, but some estimates state that $10 billion of loans were originated with fraudulent applications in 2010. Major contributors to mortgage fraud are carried out by nonresident aliens and illegal immigrants.
HUD's Office of Inspector General noted that one loan officer gave fraudulent documents to undocumented immigrants in order to obtain FHA-insured mortgages. HUD then realized $3.2 million in losses.
To correct this problem, I've introduced H.R. 695. The purpose of my bill is to cut down on such waste. It does so by requiring E-Verify checks with mortgage applications where the mortgage is guaranteed by an agency of the Federal Government. This will help stop the fraud in our mortgage system.
Please join with me in ending this mortgage fraud and help me support H.R. 695.