WASHINGTON (5/6/09)—Loan modification and foreclosure rescue scams are the topic of a hearing today by the House Financial Institutions subcommittee on housing and community opportunity. The subcommittee will focus its attention primarily on legislative proposals that would fight such fraud schemes. The subcommittee is not alone in its concern that struggling homeowners are being swindled by pseudo help plans. The Financial Crimes Enforcement Network (FinCEN) issued a warning in April that growing numbers of unscrupulous persons or companies could attempt to abuse the Obama administration’s loan modification and foreclosure prevention programs. FinCEN asked credit unions and other financial institutions to help law enforcement identify such crimes via their suspicious activity report (SAR) filings. FinCEN, backed by an alert from the National Credit Union Administration, asked financial institutions to be on the look out for such things as a statements by homeowners that they have been making payments to a party other than the mortgage holder or servicer, among other things. FinCEN Director James Freis is among those scheduled to testify. Use the resource link below to see the full list of witnesses.