Salt Lake City, Utah / February 16, 2006 / Press Release --  Federal lawmakers are cracking down on the gray area of the housing market known as mortgage fraud.  Mortgage fraud like most epidemics has shown little if any limitations as its reach extends from low income to extremely wealthy neighborhoods throughout the U.S.

The new statue considered by the U.S. Senate would impose the creation of a national database of mortgage brokers that have been sanctioned, barred or sentenced as the result of their illegal actions stemming from mortgage fraud. 

Senator Robert Menendez (D-N.J.), a co-sponsor of what many have deemed to be history in the making said, "The new measure would broaden the criminal statutes to make mortgage fraud a federal crime."  "It creates a more encompassing statute that makes it easier to prosecute, and tools to help make that happen," added Senator Menendez, who sits on the Senate Banking Committee.

Utah could greatly benefit from the actions of Senator Menendez and the measures co-sponsor Senator Barack Obama (D-IL).  "As a state that has previously ranked fourth in the nation for mortgage fraud, Utah has certainly not seen the worst of it," says Sheri Fitzpatrick, CEO of Perfect Home Living.  "The actions of Senator Menendez and Obama are well supported by Perfect Home Living.  Daily, Utah and her consumers are stripped of their fair opportunity to achieve the American Dream of Home Ownership by not only mortgage fraud criminals but by other licensed and unlicensed persons acting within Utah's real estate market and the cycle must stop.  If we're not more proactive Utah could rank nationally as number one or two for mortgage fraud in the near future," Fitzpatrick added.

Senator Menendez said the proposed changes would bring non-bank mortgage companies under the federal Bank Secrecy Act, requiring the reporting of suspicious activities.  The bill, which would impose longer prison terms and penalties for those convicted of mortgage fraud, also would require federal law enforcement agencies to update bankers on such activities and convictions.

Senator Menendez said that in a tight housing market, there are too many opportunities for people to be convinced that they can have their home ownership dream become a reality through the "fancy footwork of a snake oil salesman."

"You can't get people who do not fully understand the process and think someone's helping them," he said. 

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