Feds to Crackdown on Foreclosure Scams

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The federal government has announced plans to crackdown on home foreclosure scams.

Treasury Secretary Timothy Geithner revealed steps Monday that will be taken against scammers who prey on desperate borrowers caught up in the nation's housing crisis.

Officials say scammers are seeking to take advantage of borrowers in danger of default.

"We will shut down fraudulent companies more quickly than before. We will target companies that would have gone unnoticed or otherwise under the radar and we will aggressively pursue individuals involved in mortgage rescue scams," Geithner said.

Foreclosure scams often involve companies with official-sounding names and target borrowers seeking to modify or refinance their home mortgage loan.

The government encourages homeowners to seek free help from non-profit or government agencies.

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