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Financial Institutions Account for Much of DOJ’s Record $24.7 Billion in Fines Collected in FY 2014

dsnews.com | November 24, 2014

The U.S. Department of Justice (DOJ) announced earlier this week that it has issued $24.7 billion in fines and penalties from various organizations for the fiscal year ending September 30, 2014, which was more than three times the $8 billion that DOJ collected for FY 2013. Much of the money collected was a result of enforcement actions by DOJ upon financial institutions for their handling of residential mortgage-backed securities.

The fines and penalties were collected for both civil and criminal infractions. To put the amount collected into perspective, the more than $24 billion in fines DOJ collected for FY 2014 totaled eight and a half times the combined budgets of the 94 U.S. attorneys' offices and DOJ's main litigating divisions during that same period, which was $2.91 billion.

"Every day, the Justice Department’s federal prosecutors and trial attorneys work hard to protect our citizens, to safeguard precious taxpayer resources, and to provide a valuable return on investment to the American people," U.S. Attorney General Eric Holder said. "Their diligent efforts are enabling us to achieve justice and recoup losses in virtually every sector of the U.S. economy. And it shows the fruits of the Justice Department’s tireless work in enforcing federal laws; in protecting the American people from violent crime, national security threats, discrimination, exploitation, and abuse; and in holding financial institutions accountable for their roles in causing the 2008 financial crisis."

Indeed, financial institutions paying civil penalties to resolve federal and civil claims of mortgage fraud were the largest single source of collections, according to DOJ. JPMorgan and Citigroup both paid significant amounts to resolve civil claims in regards to the packaging, marketing, sale, and issuance of RMBS, DOJ reported. Both institutions were penalized record amounts for alleged violations of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA). As part of the settlement, both institutions were ordered to provide millions of dollars in relief to struggling homeowners in addition to fines, according to DOJ.

Out of the total of $24.7 billion, $13.7 billion was paid directly to DOJ while $11 billion was paid indirectly to other agencies, states, and other designated recipients, DOJ reported. The total amount includes cases in which the settlements were paid during FY 2014 but were resolved during previous years, according to DOJ.

 

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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).

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