Rhode Island Attorney General Candidate Campaigns on Mortgage Issues

Steve Archambault, Democratic ""candidate for attorney general"":http://www.archambaultforattorneygeneral.com in the state of Rhode Island, recently released details of his plan to combat mortgage fraud and[IMAGE]

protect consumers in his state. According to the Mortgage Asset Research Institute (MARI), Rhode Island led the nation in mortgage fraud in 2008.

Archambault says he also plans to target current banking practices that contributed to historically low home values.

[COLUMN_BREAK]

""Current banking practices must change now,"" Archambault 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 unchanged and violations go without prosecution.""

Archambault, who currently serves as a councilman in Smithfield, detailed a six-point plan to change current laws and regulations to combat the problem. The plan includes requiring loan officers and mortgage brokers to undergo criminal background checks, stronger penalties for mortgage fraud, competency testing for all people who approve loans, new appraiser requirements, creating a special grand jury for mortgage fraud, and establishing a state-wide mortgage loan database to better pinpoint potential fraud cases.

""I will aggressively go after mortgage fraud and other practices that hurt homeowners, and I will seek the legal changes needed to be most effective,"" Archambault said.

The election for Rhode Island’s attorney general seat is scheduled for November 2.