Are Realtors at risk with Obama’s plan

Posted on March 3, 2008
Filed Under Real Estate News |

Barack Obama’s Proposed STOP FRAUD ACT; The right move?

I rarely if ever write about political issues as you know but some things pop up from time to time that make such writings necessary.  Given the proposed STOP FRAUD ACT by Presidential hopeful Barack Obama, such deems necessary to mention considering the ramifications that could surface. 

Concerns are being discussed all across the internet regarding this matter and serious concerns have been brought up that should make this a big red flag of what NOT to do. Many feel the vagueness in defining who is responsible and who isn’t could result in truly tragic injustices being parlayed against legitimate professionals in the Real Estate industry.   PREN Forums  published a thread now getting a great deal of attention regarding this potentially dangerous move. Although some action should be taken against fraudulent behavior by those who practice with such unethical conduct, this potential act could spell disaster for the industry.  I’ll elaborate in subsequent posts as to why later.

So who is affected by this potential ACT?

  • Real estate appraisers
  • Real estate accountants
  • Real estate attorneys
  • Real estate brokers
  • Mortgage brokers
  • Mortgage underwriters
  • Mortgage processors
  • Mortgage settlement companies
  • Mortgage title companies
  • Mortgage loan originators
  • Any other providers of professional services engaged in the mortgage process

 

Comments

Leave a Comment

If you would like to make a comment, please fill out the form below.

Name (required)

Email (required)

Website

Comments


TEMP CODE: GDHXCDX17249629
Close
E-mail It