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Top Dems: Holder, DOJ Already Losing Sight of Mortgage Fraud Enforcement

Three Democratic lawmakers have requested to meet with U.S. Attorney General Eric Holder to discuss why the Department of Justice views mortgage fraud as a low-priority according to a new Inspector General report. Sen. Elizabeth Warren and Reps. Maxine Waters and Elijah Cummings sent a letter to Holder on Monday questioning the lack of interest in this economic tragedy despite the FBI being awarded nearly $200 million to ramp up its efforts in investigating mortgage fraud cases.  

“This report calls into question the Department’s commitment to investigate and prosecute crimes such as predatory lending, loan modification scams, and abusive mortgage servicing practices,” the letter reads.

The Inspector General’s report, which evaluates the efforts of the DOJ between 2009 and 2011, suggests that the department said one thing and did another in terms of dealing with mortgage fraud.

“DOJ and its components have repeatedly stated publicly that mortgage fraud is a high priority and during this audit we found some examples of DOJ-led efforts that supported those claims,” the report said, pointing to two examples. “However, we also determined during this audit that DOJ did not uniformly ensure that mortgage fraud was prioritized at a level commensurate with its public statements.”

These three Democrats refuse to lose sight of the financial practices which led to the recession and appear ready to lead on the curtailing of those practices.  Warren in particular has been relentless on issues such as predatory loans and the lack of government enforcement against financial misconduct since joining the senate.  She is a member of the Senate Banking Committee.  Waters is the ranking member on the House Financial Services Committee.  Cummings is the ranking Democrat on the House oversight panel.  

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