President’s Task Force Intensifies Focus On Mortgage Fraud

Posted by Orb Staff on January 07, 2009 No Comments
Categories : Residential Mortgage

The President's Corporate Fraud Task Force, created by President Bush in July 2002, has been expanded to include six new agencies to help in the focus on mortgage and securitization fraud cases, Deputy Attorney General Mark R. Filip, the Task Force chairman, has announced.

The Task Force's expanded roster includes the Federal Housing Finance Agency, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, the Federal Reserve, the Department of Housing and Urban Development and the Special Inspector General for the Troubled Asset Relief Program.

The new member agencies represent a continuing focus by the Task Force to crack down on mortgage fraud, particularly with regard to ongoing investigations into securitization fraud. The additions mark the largest expansion of the Task Force since its formation.

‘The Task Force is uniquely suited to providing the kind of thoughtfulness and collaboration that can be invaluable in tackling mortgage fraud at the corporate level, and in trying to analyze whether and when law enforcement action is appropriate,’ says Filip. ‘These new members reflect the breadth and depth of the mortgage crisis that we are now confronting, and the urgency of the task before us.’

SOURCE: Office of Deputy Attorney General Mark R. Filip

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