Udall Joins Senate to Pass Bipartisan Bill to Fight Mortgage Fraud and Protect Coloradans from White Collar Criminals

Anti-Fraud Bill Will Rebuild FBI’s Ability to Investigate Fraud that Contributed to the Economic Downturn

Washington, D.C. – April 29, 2009 – (RealEstateRama) — Today, U.S. Senator Mark Udall joined the Senate in passing a bipartisan bill that would increase the resources for the FBI and other law enforcement agencies so they can investigate and prosecute fraud cases and other white collar crimes that have undermined the economy and hurt working families in Colorado and elsewhere.

“In Denver, Greeley, and across the state, too many Colorado families have lost everything to fraud. And as people become more desperate, they risk falling victim to these scam artists once again,” Senator Udall said. “Mortgage companies and other businesses that are taking advantage of hardworking Coloradans must be held accountable. With this legislation, we will make sure the nation’s law enforcement agencies are better equipped to track down these companies, bring them to justice, and make sure they can’t do any more harm. I urge the House to pass it, and President Obama to sign it as soon as possible.”

While the number of white collar crime cases has dramatically increased, fewer agents have been available to pursue them since the agency shifted its resources to national security after Sept. 11, 2001. The Fraud Enforcement and Recovery Act (FERA) would expand the number of agents and investigators at the Justice Department, FBI, and other agencies, and allow them to focus more of their efforts on the corporate and mortgage frauds that helped cripple the economy.

The Fraud Enforcement and Recovery Act passed by a vote of 92-4. It now must be considered by the House.

Contact: Tara Trujillo 202-224-5941