Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jan. 27 (Bloomberg) -- A new U.S. government unit will investigate misconduct in the bundling of mortgage loans into securities that fueled the housing bubble and contributed to the financial crisis, Attorney General Eric Holder said.
In providing details about the new group, Holder said that the Justice Department in the past few days has subpoenaed 11 financial institutions in related investigations.
The mortgage fraud unit will “streamline” and “strengthen” current efforts to investigate fraud in residential mortgage-backed securities, he said today at a news conference in Washington.
So for 3 years he did nothing. But now, an election year, he "jumps right on it".
Mr. Countrywide himself was in front of Congress and allowed to walk. They all walked.
I think this is just a dog and pony show. No one of any importance will stand trial.
From the article
"The joint federal-state mortgage investigative unit will be part of a task force Obama created in a 2009 executive order to probe financial fraud cases. The task force, led by Holder, is made up of 20 federal agencies, including the Justice, Treasury, Commerce and Labor departments, 94 U.S. attorneys and state and local agencies.
Since its formation, the task force has charged more than 1,200 defendants for crimes related to mortgage fraud, including schemes that resulted in financial losses to homeowners and banks and attempts to illegally obtain government money, according to the Justice Department".
"The joint federal-state mortgage investigative unit will be part of a task force Obama created in a 2009 executive order to probe financial fraud cases. The task force, led by Holder, is made up of 20 federal agencies, including the Justice, Treasury, Commerce and Labor departments, 94 U.S. attorneys and state and local agencies.
Since its formation, the task force has charged more than 1,200 defendants for crimes related to mortgage fraud, including schemes that resulted in financial losses to homeowners and banks and attempts to illegally obtain government money, according to the Justice Department".
All little worker bees. You really think they were behind all this ?
Where's the JPM or GS or BofA head guy that OK's these types of securities ? Where's the SEC guy that gave his rubber stamp or turned a blind eye ?
Charging a bunch of busy bees out to make a buck is NOTHING.
The real culprits will walk.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
