Missouri Governor Blunt Commends House Action to Protect Missouri Homeowners from Mortgage Fraud

April 1, 2008 -- JEFFERSON CITY - Missouri Governor Matt Blunt today commended the House of Representatives for their work on legislation he called for to protect Missouri families from fraudulent mortgage practices.

“Homeownership is one of the greatest opportunities for personal wealth and savings, but unscrupulous mortgage lenders are turning the dream of homeownership into a nightmare for some Missouri families,” Gov. Blunt said. “I commend the House for taking action to protect Missouri homeowners from deceitful lending practices.”

The bill, sponsored by Rep. David Pearce, creates civil and criminal penalties for mortgage fraud and further enhances consumer knowledge about the mortgage process. The legislation:

* Gives the Real Estate Commission and Real Estate Appraisers Commission power to suspend or revoke licenses for mortgage fraud

* Creates the crime of mortgage fraud, a class C felony, with up to 10 years of prison

* Enhances consumer-protection laws to protect Missourians from fraudulent scams

* Provides the commissioner of the Division of Finance power to prohibit offenders from doing real estate lending in the state

The House today initially approved House Bill 2188. The legislation will require another vote before being sent to the Senate for their consideration. The Senate has already given their approval to Senate Bill 1059 to protect Missouri homeowners.

Source: Missouri Governor

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