The Senate has passed a bill that expands the bank fraud statutes to cover independent mortgage companies and mortgage brokers and increases funding for federal investigations of mortgage and financial fraud by $165 million.

By a vote of 92-4, the Senate approved the Fraud Enforcement and Recovery Act that also expanded federal fraud laws to cover funds involving the $700 billion Troubled Asset Relief Program (TARP) that is being used to capitalize banks and deal with problem assets.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.