Written by Sarah Loats Zimmermann
Mortgage Fraud. FinCEN released its 1st Quarter 2011 Mortgage Loan Fraud Update. It reported an increase in the amount of SAR reports related to mortgage fraud, up 31% from the first quarter of 2010. FinCEN is attributing this increase to demands on large mortgage lenders to repurchase poorly performing loans.
Gambling is bad. But poker, that's ok. Congressman Barney Frank has announced that he is co-sponsoring the Internet Gambling Prohibition, Poker Consumer Protection, and Strengthening UIGEA Act of 2011 (I can't wait for the acronym on that one). It seems due to UIGEA and Reg GG, law abiding poker players can't play poker on the internet. I like the below snippet from Congressman Frank's press release:
"I am on the Financial Services Committee, I work with the banks and there is no regulation on the books that is more of a problem for banks than the one that tells them they are supposed to monitor when a credit card payment comes through, what its purpose was. They are charged with the responsibility not to process payments for gambling debts. It is a difficult job and overwhelmingly people in the banking industry-- big banks, small banks -- object to this very strenuously so we would take a very oppressive regulation off the back of the banks. "
I came up short in my quick search for the Bill itself but in the Bill's sponsor's (Congressman Barton) press release it sounds like it would make it possible to play internet poker, but not necessarily remove the requirements of Reg GG for other forms of internet gambling. So I'm not sure yet how that would improve Reg GG burdens for financial institutions.
Happy 4th of July weekend everyone! I know my weekend will involve some bbq and some fireworks, and I hope yours does too. If you're into bbq and fireworks, that is. We'll be back on Tuesday.
Speaking of bbq, I was at the library a few weeks ago and picked up BBQ USA. An amazing compilation of bbq recipes from across the country. The hubbs is quite the outdoor cook and we've thorougly enjoyed the recipes we've tried so far. I highly recommend it if your favorite method of cooking is over open flames.