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 April 10, 2009

Government Officials Crack down on Mortgage Modification Scam Artists
The government is getting a lot tougher on scam artists who prey upon desparate home owners that are faced with the tragedy of foreclosure.
Both Federal and state officials are working to put an end to fraudulent loan agencies and companies which charge borrowers high up-front fees ranging from one to three thousand dollars to obtain a modification to their existing loan. In most cases, after the fees are paid, the modifications never come to pass.

Treasury secretary Timothy Geithner states that these types of predatory scams have one goal in mind, to rob American citizens of both their savings and their homes. The Treasury department's intention is to shut down fraudulent companies as quickly as possible. They are focusing their efforts on companies that up until now have for the most part, remained under the radar.