R.I. Attorney General Candidate Archambault has plan to Fight Mortgage Fraud, Read the Providence Journal article here

1:00 AM EDT on Friday, August 6, 2010

By W. Zachary Malinowski

Journal Staff Writer

PROVIDENCE — Stephen R. Archambault, a Democratic candidate for attorney general, has unveiled a six-point plan to combat mortgage fraud and protect consumers in Rhode Island, which led the nation in mortgage fraud in 2008, according to the Mortgage Asset Research Institute.

In a news release, Archambault suggested the problem may have worsened in today’s difficult credit market.

“Current banking practices must change now,” he 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 and violations go without prosecution.”

Archambault commended the collaboration by U.S. Attorney Peter F. Neronha and Attorney General Patrick C. Lynch for recently forming a Rhode Island Mortgage Fraud Task Force. He said their efforts are “a step in the right direction,” but that changes in current laws and regulations are needed to punish offenders.

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