Certified Forensic Loan Auditors, LLC

 
  Upcoming Classes

Search CFLA's Article Archive:

Secret Service Seeks Arrests for MBS Fraud

abalert.com | May 2, 2014

The U.S. Secret Service is pressing the Department of Justice to file criminal charges against several senior bankers for their roles in marketing shoddy mortgage-backed securities on the eve of the financial crisis.

It’s unclear which executives or banks the Secret Service is targeting. The agency’s pursuit of the matter apparently stems from a concern that individual bankers have been able to avoid criminal charges for their roles in violating mortgage-securitization and foreclosure rules, even as other government entities have secured huge civil settlements from many of the nation’s largest banks.

Sources said the Secret Service’s financial-crimes task force is in ongoing discussions with officials at the Justice Department on the matter.

“They’re working on a huge case out of New York, and there could be arrests,” one source said. “The fact there haven’t been any [arrests] to date in any of these cases has irked a lot of people. The Secret Service has the jurisdiction to investigate, but it’s going to be up to the U.S. Attorney to push it.”

Aside from providing protection for the President and other U.S. officials, the Secret Service is charged with investigating financial crimes including counterfeiting, money laundering and financial-institution fraud.

The agency is among several that have worked with the Justice Department and various U.S. Attorneys in different states as part of a task force investigating the sales of faulty mortgage securities that ultimately contributed to the financial crisis. The Secret Service also has been involved in dozens of state-level prosecutions, including a investigation in western Pennsylvania that resulted in prison terms for several mortgage brokers and appraisers this year.

But of the 13 major settlements reached thus far with various banks over failed mortgage securities and questionable foreclosure practices — among them, Bank of America, Citigroup, J.P. Morgan, Morgan Stanley and Wells Fargo — there have been no criminal prosecutions. That’s due in large part to the position of Attorney General Eric Holder that civil prosecutions are preferable to criminal convictions, which he believes could have too much of a negative effect on the banks.

But that position appears to be shifting. There’s been growing friction among law-enforcement agencies, including the Secret Service, over the lack of criminal prosecutions in the biggest cases. And with the last remaining settlements currently being negotiated with banks including BofA and Citi, the Justice Department recently has signaled that it’s open to pursuing criminal probes — mindful of a five-year statute of limitations on such cases.

That window, which already has expired in a majority of cases, can be extended as long as a grand jury has been seated. “The Justice Department didn’t want to do it before, but now it looks like with time running out, they finally want to [prosecute] some people,” the source said.

 

Back to May 2014 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

 

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

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