DOJ, SEC, HUD, and AG Holder to investigate FRAUD !!

BREAKING NEWS

US Government to Finally investigate FRAUD !!!

FOR IMMEDIATE RELEASE                                                          Friday, January 27, 2012

WHO: U.S. Attorney General Eric Holder, State and Federal Officials

WHAT: Collaboration to Investigate Residential Mortgage-backed Securities Market by Residential Mortgage-Backed Securities Working Group
created under President Obama’s Financial Fraud Enforcement Task Force (FFETF). 

WHERE:  Washington - Attorney General Eric Holder along with Housing and Urban Development (HUD) Secretary Shaun Donovan, Securities and Exchange Commission (SEC) Director of Enforcement Robert Khuzami and New York Attorney General Eric T. Schneiderman today announced the formation of the Residential Mortgage-Backed Securities Working Group
At the direction of the President, this Working Group brings together the Department of Justice (DOJ), several state attorneys general and other federal entities to investigate those responsible for misconduct contributing to the financial crisis through the pooling and sale of residential mortgage-backed securities.  This effort will be in coordination with and in addition to the ongoing efforts and investigations by the Justice Department, FFETF members and state and federal law enforcement investigating and prosecuting other types of financial fraud

HOW MANY:
55 Department of Justice attorneys, analysts, agents and investigators from around the country, to include the current 15 civil and criminal attorneys along with 10 FBI agents and analysts who will be assigned to the Working Group efforts.  An additional 30 attorneys, investigators and other staff around the country will join the efforts in the coming weeks.  This team will join existing state and federal resources investigating similar misconduct under those authorities

GOAL:

To hold accountable any institutions that violated the law; to compensate victims and help provide relief for homeowners struggling from the collapse of the housing market, caused in part by this wrongdoing; and to help Americans finally turn the page on this destructive period in our nation’s history.

LEADERS:  The working group will be co-chaired by senior officials at the Department of Justice and SEC, including Lanny Breuer, Assistant Attorney General, Criminal Division, DOJ; Robert Khuzami, Director of Enforcement, SEC; John Walsh, U.S. Attorney, District of Colorado; and Tony West, Assistant Attorney General, Civil Division, DOJ.

NY Attorney General: Schneiderman, will lead the effort from the state level.  Other state Attorneys General have been and will be joining this effort....

“I would like to thank President Obama and Attorney General Holder for their leadership in combating financial fraud in this country and I look forward to co-chairing this working group that marshals state and federal resources to build on those efforts by bringing justice on behalf the victims of the misconduct that caused the mortgage crisis,”  

“In coordination with our federal partners, our office will continue its steadfast commitment to holding those responsible for the mortgage crisis accountable, providing meaningful relief for homeowners commensurate with the scale of the misconduct, and getting our economy moving again.  The American people deserve a thorough investigation into the global financial meltdown to ensure nothing like it ever happens again, and today’s announcement is a major step in the right direction.”

"We are wasting no time in aggressively pursuing any and all leads. In fact, as part our current investigations, the Department recently issued civil subpoenas focusing on issues related to the market for residential mortgage-backed securities to 11 different financial institutions – and you can expect more to follow.

Of course, I can’t go into detail about our existing investigations. But I can tell you that significant efforts are moving forward, by both federal and state authorities. And I can assure you that, if we uncover evidence of fraud or other illegal conduct, we will bring the appropriate criminal or civil charges."  said Attorney General Schneiderman.

READ THE ENTIRE PRESS RELEASE (HERE)
More about the Residential Mortgage-Backed Securities Working Group and the Financial Fraud Enforcement Task Force at

http://www.stopfraud.gov/

Download Attorney General Holder’s memo to Financial Fraud Enforcement Task Force (HERE)