Intro: Missouri's Senate gives first round approval to a measure to crack down on home mortgage fraud.
Republican Senator Kevin Engler is sponsoring a bill that will give prosecutors more tools to stop it.
Engler says the definition of mortgage fraud and its consequeneces need to be more clear.
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|Description: We have got everybody agreeing that we can do something about mortgage fraud in the state. We can give the Director of Finance and the other agencies the ability to get something done using the federal guidelines and we need to get something done.|
The F-B-I reports that over the last four years mortgage fraud has increased 400-percent across the nation.
Reporting from the Capitol, I'm Emily Rau.
Predatory lenders aren't the only type of mortgage fraud to look out for if you're a homeowner.
A bill proposed in the Senate would target criminals who lie to get better home loans and never plan on paying them.
Republican Senator Kevin Engler is sponsoring the bill and says this type of crime cannot be ignored.
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|Description: It is unbelievable the dynamics. FBI reports that mortgage fraud is up 400%% nationally over the last four years. That's more than double in our area. We do not have statutes that authorize our enforcements of provisions.|
Engler said he hopes the bill will clearly define mortgage fraud and make it easier to stop.
Reporting from Jefferson City, I'm Emily Rau.