Certified Forensic Loan Auditors, LLC

 
  Upcoming Classes

Search CFLA's Article Archive:

Holder Asks Lawyers to Pursue Bankers in Mortgage Fraud

  

bloomberg.com | February 18, 2015

By Keri Geiger

(Bloomberg) -- U.S. Attorney General Eric Holder, who forced Wall Street’s biggest banks to pay billions in fines for their roles in the subprime mortgage crisis, is pressing for action against executives at those firms, even as he prepares to leave his post.

Holder, who is stepping down as soon as his successor, Loretta Lynch, is confirmed, has asked U.S. attorneys involved in residential mortgage-backed securities cases to report in 90 days on whether they can develop cases against individuals, he said Tuesday at the National Press Club in Washington.

“That will be a report ultimately that will be given to Loretta to make determinations about whether further action is appropriate,” Holder said.

Holder has faced criticism from lawmakers who said the Justice Department failed to hold bank executives responsible for their roles in the worst financial crisis since the Great Depression. His department also was faulted for resolving cases against banks with settlements that let them escape criminal charges by paying fines, improving controls and promising not to break the law.

President Barack Obama set up the Residential Mortgage Backed Securities Working Group in 2012 to coordinate prosecutions of fraudulent underwriting activity by banks that contributed to the financial crisis by pooling and reselling residential mortgage-backed securities.

Wall Street’s biggest banks, including JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc., have paid nearly $37 billion to settle state and federal claims brought by the task force.
Civil Penalties

These cases were built on the 1989 Financial Institutions Reform, Recovery and Enforcement Act, a civil statue that allows the government to seek civil penalties for losses to federally-insured financial firms that occurred as long as a decade ago. Standard securities-fraud cases need to be brought within five years. FIRREA can be used against individuals as well as institutions and has less stringent liability requirements than criminal charges.

Bank of America, which acquired sub-prime lender Countrywide Financial Corp. in 2008, paid nearly $17 billion to settle claims against the bank and Countrywide in August.

In what could be the first major use of FIRREA against an individual over mortgage fraud, government attorneys are preparing a suit against Angelo Mozilo, Countrywide’s former chairman and chief executive officer, people familiar with the matter have told Bloomberg News. The effort follows the department’s decision to abandon a criminal probe of Mozilo.

Mozilo paid $67.5 million to the U.S. Securities and Exchange Commission in 2010 to resolve allegations he misled Countrywide investors. His lawyer has said there is no basis to pursue a further claim against him.

 

Back to February 2015 Archive

CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

SEE BELOW- http://www.certifiedforensicloanauditors.com

Call us toll free at 888-758-2352

Bookmark and Share
spacer
Facebook Like us on Facebook
Twitter Follow us on Twitter
YouTube View our YouTube Videos
LinkedIn Connect to us on Linkedin
 
BBB Logo

 

spacer
Contact us or view our Sample Documents & Audits by completing the form below.

  • Reload
  • Should be Empty:


 

DVD Sets Only $99

 

FREE Mortgage Fraud Analysis

 

Order Cutting-Edge Services Now

 

Quiet Title Packages from Licensed Attorneys

 

Affiliate Services

 

CFLA Sponsored Attorney Links

 

Take-Home Education Package

 

ALB Law Firm

 

Advocate Legal

 

The True News Network

 

Sutton Law Firm, P.L.L.C.

 

Rubenstein Business Law

 

Atighechi Law Group

 

Scunziano & Associates

 

Get Certified to Perform Mortgage Securitization Audits

 

CFLA Training Academy

 

Expert Witness Services

 

Cutting Edge Expert Securitization Reports

 

CFLA Credit Cards

 

Breaking News

 

Letters to the Editor

 

CFLA Weekly Newsletters

 

Code of Ethics

 

Testimonials

 

Instructional Videos

 

Job Opportunities

 

License Opportunities

 

MARS Rule

 

Product Samples

 

Resource Links

 

Servicer Information

 

Foreclosure Laws

 

REST Report

 

Quiet Title Packages from Licensed Attorneys

 

Advertise on CFLA

 

Advertising Space: Mortgage Securitization, Quiet Title

 

Certified Forensic Loan Auditors, LLC
13101 West Washington Blvd.
Suite 444
Los Angeles, CA 90066

Phone: 832-932-3951
Toll Free: 888-758-CFLA (2352)
Mobile Users: CLICK TO CALL
info@certifiedforensicloanauditors.com

   
 
CFLA IS NOT A LAW FIRM AND DOES NOT PROVIDE ANY LEGAL ADVICE. CFLA DOES NOT OFFER FORECLOSURE CONSULTING OR FORECLOSURE RELIEF
SERVICES. CFLA DOES NOT OFFER OR ASSIST WITH ANY LOAN MODIFICATION SERVICE. CFLA ALWAYS RECOMMENDS THAT CLIENTS RETAIN COMPETENT COUNSEL IN THEIR RESPECTIVE JURISDICTION. CFLA HAS A FREE PROGRAM TO REFER CFLA CLIENTS TO LAW FIRMS IN NEARLY EVERY STATE AND CFLA
DOES NOT CHARGE OR OBTAIN REFERRALS FEES FOR THESE SERVICES. SERVICES NOT OFFERED TO RESIDENTS OF THE STATE OF NEVADA.

 
Home About Us Privacy Policy Terms of Service Disclaimer SERVICES Careers Contact Us
 
COPYRIGHT © 2007-2016 Certified Forensic Loan Auditors ™ All rights reserved