NEW YORK (AP) — Mortgage fraud has become so pervasive and damaging to the limping economy that the federal government should give local prosecutors hundreds of millions of dollars to fight it, Sen. Charles Schumer and New York City district attorneys say.
The New York Democrat, who won an $875,000 earmark to establish a mortgage fraud unit at the Brooklyn DA's office, is introducing legislation Monday to authorize $100 million in grants every year for local prosecutors across the country to do the same.
Mortgage fraud and deed theft often is a local matter that costs homeowners up to $6 billion annually, Schumer said, citing FBI statistics.
Prosecutors, homeowner advocacy groups, state agencies and homeowners themselves have had trouble investigating and prosecuting those crimes because of insufficient staff and funding, Schumer said in prepared remarks.
The idea stems from an earmark Schumer successfully attached to a massive appropriations bill that enabled the Brooklyn DA's office to hire prosecutors to investigate mortgage fraud. Schumer's bill, which has not been endorsed by Senate Democratic leaders, would set aside $100 million in grants each fiscal year from 2010 through 2013.
Local prosecutors would compete for the grants, which the attorney general would issue.
Local News
NY sen. proposes fed help to fight mortgage fraud
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Lookback: Feb. 13-19
News stories from around the region from 25, 50, 75 and 100 years ago this week.
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Of Interest: Feb. 13, 2012
Peru Central School Board to hold budget discussion; Dannemora to discuss highway post; Beekmantown School Board invites budget input; Willsboro School Board to discuss policies; Chazy School Board to discuss budget; SLCS Board to appoint clerk pro-tem; Keeseville Zoning Board cancels meeting; Elizabethtown-Lewis School Board to work on budget.
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Gourds' shapes create interesting canvas
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NCCS wins CVAC cheerleading competition
NCCS wins first place for the eighth time in nine years
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One injured in Plattsburgh house fire
A female suffered second- and third-degree burns in a fire at her South Catherine Street home early Sunday.
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Plattsburgh's Sweet Adelines sing music of the heart
Sweet Adelines spread message of love on Valentine's Day with yearly singing valentines.
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Ticonderoga faces severe school cuts
The district is starting its new budget process almost $2 million in the hole. Officials are seeking public input on the problem.
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Tentative contract reached with officers
The deal with New York state would cover the 2,800 members of the New York State Correction Officers and Police Benevolent Association who typically work at specialized state centers such as the Sunmount Development Disabilities Services Office in Tupper Lake.
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Attempted-murder trial set
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A historic battle for interracial marriage
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Fireworks to close weekend carnival
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Arts and economic development discussed
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Ticonderoga faces severe school cuts
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