Government cracking down on mortgage scams
WASHINGTON -- Federal and state officials say they are cracking down on mortgage modification scams that target the Obama administration's efforts to make home loans more affordable.
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The Treasury Department says "criminal actors" are seeking to take advantage of the administration's efforts to help modify or refinance 7 to 9 million mortgages and prevent home foreclosures.
The department says it is alerting banks to potential frauds, while the Justice Department has convicted several scam artists in recent months.
The Federal Trade Commission, meanwhile, has filed five new civil cases to halt illegal loan modifications.
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