Salt Lake City, Utah / May 19, 2006 / Press Release --  Mortgage fraud across the country has cost financial lending institutions billions.  In an combined effort to reduce losses stemming from mortgage fraud, the Office of Federal Housing Enterprise Oversight (OFHEO) and the Financial Crimes Enforcement Network (FinCEN) have formed an alliance that will allow OFHEO to share findings of its examinations concerning actual or suspected mortgage fraud with FinCEN.

OFHEO has long since been known as the federal regulator for two government sponsored enterprises -- Fannie Mae and Freddie Mac.  The latest move towards cooperation comes on the heels of proactive steps taken by OFHEO to formalize enterprise reporting of potential and actual mortgage fraud cases.  In the wake of increasing criminal activity within the mortgage and real estate industry OFHEO's actions will enable FinCEN to incorporate its database of information into that of the Bank Secrecy Act (BSA) database that is searchable by law enforcement officials.

"File sharing of data is paramount to stopping white collar criminals and it shouldn't matter if its government to government or private sector to government," says Sheri Fitzpatrick, CEO of Perfect Home Living.  "Criminals aren't going away, they now have transformed themselves into every day people looking to obtain home ownership through any means necessary.  It's wonderful to know that OFHEO and FinCEN have set the bar for remaining proactive in the fight against mortgage fraud, now maybe we'll start to feel the ripple of their acts industry wide," Fitzpatrick added. 

FinCEN is a bureau within the Department of Treasury tasked with administering the BSA and maintaining a database which includes Currency Transaction Reports (CTRs), Suspicious Activity Reports (SARs), as well as other reports that financial institutions are required to file to safeguard the financial system from financial crime: including terrorist financing, money laundering, and other illicit activity. 

About Perfect Home Living 

Perfect Home Living assists in implementing programs and providing training to financial lenders as well as educating Utah's consumers and licensed professionals to red flags within Utah's real estate market.   For more information or to request assistance please visit us online at:  http://www.PerfectHomeLiving.com