BITS Offers Tips on Preventing Mortgage Fraud

Washington, D.C.—March 29, 2010—As several initiatives continue to help consumers fight foreclosure and stay in their homes, BITS, the technology policy division of the Financial Services Roundtable has re-released the following booklet, “Be Your Own Best Advocate: Mortgage Fraud Prevention.” The booklet works to educate consumers about mortgage fraud and provide simple solutions they can use to protect themselves.

“Be Your Own Best Advocate” contains examples of how to avoid common mortgage fraud schemes such as signing incomplete documents or making payments for foreclosure rescue services that are otherwise free through government programs, such as the Homeownership Preservation Foundation and their HOPETM Hotline.

“‘Be You Own Best Advocate’ is a powerful consumer tool, and a resource that is invaluable as the economy begins to rebound,” said Leigh Williams, President of BITS.

Common mortgage fraud scams outlined in the booklet include property flipping, real estate investment schemes, and reverse mortgage scams.  It also includes examples of foreclosure rescue scams that prey upon individuals who are in danger of losing their home and recommends that consumers contact their lender or non-profit organizations which can assist the consumer before they fall victim to this fraud.

“Fraud knows no boundaries and it is the industry’s responsibility to help where we can by sharing our knowledge of mortgage fraud with the public,” said Steve Bartlett, President and CEO of The Financial Services Roundtable.

“Be Your Own Best Advocate: Mortgage Fraud Prevention” can be accessed online at: http://www.bits.org/p_publications.html#FR.

BITS is the technology policy division of the Financial Services Roundtable, leveraging intellectual capital to address emerging issues at the intersection of financial services, operations and technology. BITS focuses on strategic issues where industry cooperation serves the public good, such as critical infrastructure protection, fraud prevention, and the safety of financial services.

The Financial Services Roundtable represents 100 of the largest integrated financial services companies providing banking, insurance, and investment products and services to the American consumer.  Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO.

Roundtable member companies provide fuel for America's economic engine, accounting directly for $74.7 trillion in managed assets, $1.1 trillion in revenue, and 2.3 million jobs.