US Attorney General and Missouri legislators say they want to stop mortgage fraud

Intro: U.S. Attorney General Eric Holder said he wants to stop mortgage fraud while Missouri legislators backed similar efforts.

Nathan Higgins has more from the State Capitol.

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On the same day as a press release from Holder about mortgage fraud, a Missouri Senate committee heard a bill passed by the House that would place stricter limitations on mortgage brokers.

Bill sponsor Sedalia Republican Representative Stanley Cox says the bill is important for all Missourians.

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Description: "Most of us have at sometime in our life a residential home loan. But, even those who don't, there's an implication of what it did for our economy."

The bill would make brokers take a mortgage law and education class as well as make them receive licenses.

During the committee hearing, no one testified against the measure.

In Jefferson City, I'm Nathan Higgins, News Radio 11-20 KMOX.

Intro: With no opposition during the hearing, Missouri legislators heard a bill that would regulate the mortgage industry.

Nathan Higgins has more from the State Capitol.

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A Senate committee discussed regulations that would require mortgage brokers to receive licenses, maintain good financial responsibility, and receive mortgage education classes.

The hearing came after U.S. Attorney General Eric Holder announced that the FBI would look into more than 2,100 mortgage fraud cases.

Bill sponsor Sedalia Republican Representative Stanley Cox said the regulation will ensure protection and help the industry.

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Description: "It's an important industry. It does a wonderful thing. This statute is designed to protect us from the people that might breach the trust of what most people do every day honestly."

Many supporters emphasized this measure is the best way to limit mortgage fraud.

In Jefferson City, I'm Nathan Higgins, News Radio 11-20 KMOX.

Intro: U.S. Attorney General Eric Holder announced the FBI is investigating mortgage fraud cases on the same day a Missouri Senate committee heard a bill that would crack down on mortgage schemers.

Nathan Higgins has more from the State Capitol.

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The committee heard a measure that would regulate the mortgage industry by requiring licenses.

The House has already passed the bill.

Housing and mortgage-aid consultant Debbie Irwin says the regulations and education requirements are necessary.

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Description: "It keeps the bad actors out of the business. We think taking twenty hours of education and continuing education, taking an exam will be a good thing for Missouri borrowers because it will raise that professional standard in the industry."

The measure received no opposition in the hearing.

In Jefferson City, I'm Nathan Higgins, News Radio 11-20, KMOX.