Archambault Promises Crackdown on Mortgage Fraud, read the GoLocalProv article here

Monday, August 02, 2010

Stephen Beale, GoLocalProv Politics Editor

Rhode Island was ranked number one in the nation for mortgage fraud in 2008–an unhappy distinction that Democratic candidate for Attorney General Steve Archambault hopes to change if elected.

His campaign warned that today’s tough credit market is “fertile soil for scam artists” who take advantage of homeowners and buyers. “Current banking practices much change now,” Archambault said. “Home foreclosures, devaluation of property values and the unavailability of credit will continue as a result of market manipulation and fraud if banking laws and regulation remain unchanged and violations go without prosecution.”

He praised sitting Attorney General Patrick Lynch U.S. Attorney Peter Neronha for forming the Rhode Island Mortgage Fraud Task Force, but said the state needs to do more to address the problem.

“As Attorney General, I will aggressively go after mortgage fraud and other practices that hurt homeowners and I will seek the legal changes needed to be most effective,” Archambault said.

Read the Entire Article Here

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