MORTGAGE LOAN COMPLIANCE®

As of last week the Residential Mortgage-Backed Securities Working Group tasked with investigating mortgage fraud is official. The new office is part of the Administrations Financial Fraud Enforcement Task Force (FFETF) and was first announced by President Obama in his State of the Union speech last Tuesday.

US Attorney General Eric Holder said that the goal of the group will be 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 turn the page "on this destructive period in our nation's history."

At the press conference last week Attorney General 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, outlined the mechanics of the working group which will bring 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.

Schneiderman said, "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."

The group will consist of at least 55 DOJ attorneys, analysts, agents, and investigators from around the country including the 15 civil and criminal attorneys and 10 FBI agents already employed in the FFETF unit. This team will join existing state and federal resources investigating similar misconduct under those authorities.

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