Attorney General Holder Speaks at the Announcement of the Financial Fraud Enforcement Task Force’s New Residential Mortgage-Backed Securities Working Group
Good morning. Today, I’m pleased to join with so many key partners – including Director of Enforcement for the U.S. Securities and Exchange Commission, Robert Khuzami; Secretary for the U.S. Department of Housing and Urban Development, Shaun Donovan; Attorney General for the State of New York, Eric Schneiderman; United States Attorney for the District of Colorado, John Walsh; Assistant Attorney General for the Justice Department’s Civil Division, Tony West; and other critical leaders – in announcing an important step forward in investigating the financial misconduct – and, specifically, misconduct in the market for mortgage-backed securities – that contributed to our nation’s recent economic crisis.
Along with Lanny Breuer, Assistant Attorney General for the Criminal Division – who, unfortunately, is traveling today and could not be here – the team standing with me will be leading a new initiative: the Residential Mortgage-Backed Securities Working Group, which will operate as part of the Financial Fraud Enforcement Task Force. This Working Group brings together a variety of federal, state, and local partners – including HUD, the FBI, IRS, Consumer Financial Protection Bureau, Financial Crimes Enforcement Network, and Federal Housing Finance Agency Office of Inspector General. These, and many other, Task Force members have been conducting investigations into the residential mortgage-backed securities market – as well as related aspects of the housing market – for some time. And they’ve seen firsthand how massive failures in this market were a driving force behind the nationwide housing collapse that has had devastating effects for investors, consumers, and entire communities.
Beginning with its first full meeting – which will take place immediately after this press conference – the Working Group will streamline and strengthen current and future efforts to identify, investigate, and prosecute instances of wrongdoing in the packaging, selling, and valuing of residential mortgage-backed securities. I am confident that this new effort will improve our ability to ensure justice for victims; help restore faith in our financial markets and institutions; and allow us to answer the call that President Obama issued earlier this week, in his State of the Union address.
On Tuesday night, the President referenced this initiative, asking us to, “hold accountable those who broke the law, speed assistance to homeowners, and help turn the page on an era of recklessness that hurt so many Americans.”
That is precisely what we intend to do. And the good news is that we aren’t starting from scratch.
Over the past three years, we have been aggressively investigating the causes of the financial crisis. And we have learned that much of the conduct that led to the crisis was – as the President has said – unethical, and, in many instances, extremely reckless. We also have learned that behavior that is unethical or reckless may not necessarily be criminal. When we find evidence of criminal wrongdoing, we bring criminal prosecutions. When we don’t, we endeavor to use other tools available to us – such as civil sanctions – to seek justice. My number one to commitment to the American people is that we will continue to devote significant resources to combating financial fraud and be as aggressive and creative as we can be in holding accountable those who, in violating the law, contributed to the financial crisis.
For example, in just the last six months, the Department has achieved prison sentences of 60, 45, 30, and 20 years in a variety of financial fraud cases charging securities fraud, bank fraud, and investment fraud. And, just last month, I announced the largest fair lending settlement in history, resolving allegations that Countrywide Financial Corporation and its subsidiaries engaged in a widespread pattern or practice of discrimination against minority borrowers from 2004 through 2008.
With this new Working Group, we will marshal our civil and criminal capabilities to build on these efforts – by focusing on abuses in the residential-mortgage backed securities market. I am pleased to report that this Working Group has considerable Department resources behind it as it builds on activities that have been underway through the broader Task Force. Currently, 15 attorneys, investigators, and analysts – here at Main Justice and throughout our U.S. Attorneys’ Offices – are supporting the investigative efforts that this Working Group will be focusing on going forward. And the FBI has assigned 10 agents and analysts to work with the group immediately. In the coming weeks, another 30 attorneys, investigators, and support staff from U.S. Attorneys’ Offices will join the Group’s work.
We are wasting no time in aggressively pursuing any and all leads. In fact, as part our current investigations, the Department recently issued civil subpoenas focusing on issues related to the market for residential mortgage-backed securities to 11 different financial institutions – and you can expect more to follow.
Of course, I can’t go into detail about our existing investigations. But I can tell you that significant efforts are moving forward, by both federal and state authorities. And I can assure you that, if we uncover evidence of fraud or other illegal conduct, we will bring the appropriate criminal or civil charges.
I’m also pleased to report that these teams will be able to hit the ground running. Already, the Working Group’s co-chairs have met to discuss the structure of our investigative efforts, how teams should and will be organized, and how information can be shared more effectively.
With this focus on collaboration – and by bringing our government’s full enforcement resources to bear – I have no doubt that we will improve our ability to recover losses, to prevent fraud, to bring abuses to light, and to hold those who violate the law accountable. That’s what the challenge before us demands. And that’s what the American people deserve.
I want to thank all of our Working Group members for their participation – and their dedication to this effort. And, now, I’d like to turn things over to one of the leaders of this important work – Director Robert Khuzami.
~
MASS DECEPTION IS THE CRIME OF OUR TIME….!
DO YOUR HOMEWORK AMERICA…! THE SPACE BETWEEN RIGHT AND WRONG IS THE TRUTH!!! THAT IS WHAT THE ARE MASTERFULLY HIDING BY SENDING US IN ALL DIRECTIONS…ALL WE NEED TO FIND OUT IS THE TRUTH..!
THE TRUTH ABOUT FRAUDCLOSURES IS…..THEY DO NOT HAVE THE NOTES…!!! THATS ALL YOU NEED TO KNOW…PROPERTY LAW IS POWER..! MAKE THEM SHOW PROOF OF STANDING…THEY CANNOT!
i feel very uneasy about schneiderman’s joining a group has done NOTHING to help defrauded homeowners– no criminal indictments, nothing!
i hope that it wasn’t a move by obama and his banking buddies to distract schneiderman from the real battle that matters to swindled homeowners.
but, i pray that the move helps bring more power to schneiderman to help us in the sense that it is Federal.
it is obvious the others in the group will continue to do nothing.
lanny breuer was singularly unimpressive and defensive when interviewed by steve croft of 60 Minutes
during the segment on homeless kids.
Will we be able to get the names of the politician gun fighters out of them, the guys who held guns to the heads of the banks’ heads, demanding that they “serve the under-served?” Or, suffer the consequences of being shut down!
I rather doubt it.
Finally from the horses mouth they are too help modify investor rental homes?? however they had said that before, doesn;t matter, keep hearing things however nothing changes and I have yet to see anyone come to anyones rescue, now most have taken it into their own hands and have already walked and moved back in at reduced prices, then there is the rest of us, totally defeated, moving onto 3foreclosure/shortsell whatever! the American dream, work really really hard and maybe someday you may buy a house, work even harder and maybe someday you may buy more than one, who would have thought? overextended??? fy since when does homeownerhip turn upside down??? wish I had just been an 8-5er and spent more time watching the kids grow and mowing the lawn, banks?? it isn;t all of the banks fault, no one is doing anything to stop any of this, and litle old ladies, swf, whatever you care to call me, just doesn;t fit into any program, does anyone realize how destitute one has to be to qualify to any kind of assistance?? food stamps?? medical?? pray you don;t have to learn the answer.
Ruth…It is awful for those on a fixed income….an elderly man who is a greeter at Walmart told me …..he tried to get food stamps and they told him he makes to much money!…My sister told me they check your bank account if you apply for the link card and if you have any income coming in there you have to explain it..my sister had a loan from my dad she deposited and they told my sister my dad has to write a letter to them explaining that he lent them the money…They have been on the link card soo long that they are now only getting $200.00 a month for food..A friend who lost her bank job of 20 years got fired and she applied for stamps…they told her because she is getting unemployment she only qualifies for $6.00 a month food stamps!….Her husband is a carpenter and hasn’t had steady work in over 3 years…The are now having to take out her 401 k money to pay bills with…The same old story, right Ruth?.They only have 3 years left to pay the house off and Chase is already threatening them..sending idiots out…to take pictures of their home…I think she refined..scary!..Then there is the story of the elderly widow down the street who is disabled….her husband died 2years ago…the mortgage was in his name…an attorney told her to quit claim deed the house to herself…Chase got wind of that and told her they would not put the mortgage in her name…because she is on a fixed income and they were going to short sell her house….Chase sold her home…made her sign off…and now they are telling her she has to get out…! There are too many horror stories Ruth…and Gingrich had the balls to say ..”its not like we are throwing old ladies out into the street.”….that dirty scumbag..! Too many Americans still have the blinders on…and don’t know half of the shit that is going on in this country… !
Try to have faith Ruth…I know it is hard sometimes but , you gotta have faith..You will get through this Ruth…and you will be o.k….!
They will all pay for what they have done to the people…No bad deed goes unpunished is what I believe to be true. They don’t realize they are all being used..and the evil behind all of this cares about no one but itself…!
Anyone seen Camden NJ or Detroit MI? Smaller hell holes like these have sprouted up across the country. The condition is far worse them the media will ever admit, and it will take a miracle for Schneiderman to even dent the armor of the brutal banksters.
Everyone can be bought; from the President to Dylan…. It is just the matter of price… If you will not name your price then THEY will fabricate something against you… you got a choice.
Signed: BANKER
Soo sad RON..but true!
Everyone in both parties want the housing mess to go away but I can assure you, it will not! Absolutely, tragic if they dump the foreclosures into a government housing program and make taxpayers landlords of derelict housing. Can anyone say “massive mess?”
Out of frying pan into fire!
The only fix for this is clear title for all….give back the stolen homes and businesses..throw the crooks in prison..Shut down the federal banks…..open up state banks that issue our own currency backed by revenue from natural gas or other natural resources…we can pay back the fake national debt from that revenue stream and fund lending to small business..healthcare…we would be back on the road to prosperity in no time…millions of ten dollar an hour corporate jobs will not save us…The key to our own prosperity is right in front of our eyes…Remember a company called Peoples Gas?..They were trying to tell us all something…!
There is no “fix” for this fraud…it is way to massive!
SECTION 8…WONT WORK…AND WHO IS GOING TO PAY FOR THE PROPERTY TAXES AND THE MAINTENANCE ON THIS INSOLVENT MESS?…THEY ARENT GOING TO BE ABLE TO COLLECT ENOUGH RENT TO PAY FOR IT ALL……THERE ARE MULTIMILLION DOLLAR PROPERTIES SITTING EMPTY….THEY ARE OUT OF THEIR MINDS IF THEY THINK THEY CAN SUSTAIN THEIR MASSIVE DEBT BY RENTING ALL OF THESE HOMES! THEY NEED TO ADMIT..THE NATION OF RENTERS EVIL PLAN IS NEVER GOING TO WORK..NOT ENOUGH HOMES…THEY OWE TOO MUCH DEBT!
They are threatening us with renting but there isn’t enough rent to collect to pay their debt…A WORLD TAX WONT FIX THIS EITHER….THEY ARE DONE..INSOLVENT…THEY OWE MORE MONEY THAN EVERY HO– USE IN THE COUNTRY IS WORTH …$700 trillion in debt…8 TRILLION IN REAL ESTATE..SOMEONE STICK A FORK IN THEM ALREADY…THEY ARE DONE..!
New job, lots of press and promises. Guess I am a little cynical on where these guys are going and what their intention ares. It looks like another self defined government entity to front government’s efforts they are doing something. Too much “if” in his rhetoric. Listen:
“Of course, I can’t go into detail about our existing investigations. But I can tell you that significant efforts are moving forward, by both federal and state authorities. And I can assure you that, IF we uncover evidence of fraud or other illegal conduct, we will bring the appropriate criminal or civil charges.” . . . . . or they will
“turn the page on an era of recklessness that hurt so many Americans.”
Otherwise they will sanction the banks and everyone will turn the page and move on, right?
GINGRICH SAID LAST NITE IN THE REPUBLICON DEBATES..”WE ARE NOT THROWING OLD PEOPLE OUT INTO THE STREET.”…..THAT IS AN EFFING LIE AND I HAVE PROOF..CHASE STOLE A POOR WIDOWS HO– USE RIGHT DOWN THE STREET FROM ME!!!
Dylan Ratigan has a real asshole on his show right now…he is trying to convince people that people are losing their homes in Florida because too many people bought homes they could not afford.! IT WAS THE MULTIPLE PLEDGING OF THE NOTES …YOU EFFING LIAR..!!! Dylan let him get away with THAT BIG LIE!!! This asshole is trying to say owning a home WAS NEVER THE AMERICAN DREAM!!!! AND THAT RENTING IS FREEDOM…!!! AND HOW THE FOREIGNORS ARE BUYING UP THE STATE OF FLORIDA!!!!!!! BALISTIC LIARS!!!!
GLOBALIST HOGS ARE STEALING OUR COUNTRY WITH BIG LIES AND THE TRAITOR POLITICIANS ARE HELPING THEM GET AWAY WAY WITH IT WITH BIG LIES!!!!
I think Dylan is way off the mark today..his guests are lying…and he is allowing it..It is incredibly disturbing to watch his show today!
I think the Miami sun is doing a number on Dylans brain today..he is really acting weak!
OK..now Dylans talking the truth about the shadow bank…the global betting parlor and the crooked politicians..he had me worried! He said their debt is unsustainable!
The dirty bastards want to put casinos everywhere to create jobs and revenue! What a joke…! They are trying to turn the entire country into one giant whorehouse! We have an overabundance of natural gas that has the potential to make the entire nation debt free!
i vent how do i email retigan. I have it in writing that wells fargo put us in a state income loan. the mortgage broker lied. no income verification was done. there for anyine can say they made any anount letting mortgage brokers increase the amount on mortgage applications. making it a staed income loan. that is how it happend. we mwereley applied for these mortgages as a credit card if i did not hvae the appropritae income i should have been able to buy a cheaper home not be told i bought a house i couldnt afford. putting all the blame on the homeowners is the easy way out
Lies…I am not sure how to e-mail Dylan…..You can probably go to the Dylanratigan show.com…They can lie until their tongues fall out..no amount of lying can cover up the truth..Alyona on RT NEWS is talking right now about how the Government incessantly lies even though the truth is out…and how ridiculous they sound..and their dirty secrets are no longer secrets…They really are just looking incredibly stupid now..You can recognize the stupid look on there faces while they lie…they are all caught in their own web of lies…they cant get out of this…the media look incredibly stupid as well…Romney is in the lead and Gingrich is in second..Ron Paul is in last place..no one with a shred of intelligence believes it…we know it is a real horses ass race to nowhere…I would rather write in Joe the Plumber…!
Now they are trying to convince us that homeownership was NEVER the American dream….and we should all just forget about the life savings we socked into our homes….and just be happy to rent now!!!!!! WE THE PEOPLE KNOW THE TRUTH…..YOU DIRTY GLOBALIST BASTARDS CAN LIE UNTIL YOUR TONGUES FALL OUT…OUR HOMES ARE PAID FOR….STAND YOUR GROUND AMERICA…! THEY NEVER LENT US ANY MONEY AND THESE CROOKS GAMBLED EXPONENTIONALLY OFF OF OUR NOTES…THEY OWE $700 TRILLION IN MORTGAGE DERIVATIVES FRAUD ….AND THEIR MASSIVE COLLATERAL DEBT FRAUD CAN NEVER BE REPAID…! EVERYONE SHOULD SEE THE YOU TUBE VIDEO…..ROTHSCHILD 600 TRILLION…..YES….THAT IS THEIR ACCUMULATED WEALTH…WEALTH THEY AQUIRED BY COMMITTING MASSIVE FRAUD ON HUMANITY..
Well, I sure hope the States can do something here to stop the debt cartel….before we all bleed to death paying for all of their debt fraud……..because they are slowly financially bleeding ALL us to death..!
Pop Quiz
Which if the following is NOT one of Jamie Dimon’s prison bitches?
Barack Obama
Eric Holder
Lanny Breuer
Robert Khuzami
John Boehner
Answer John Boehner. Speaker Boehner is Erik Cantor’s prison bitch.
Time to put up or shut up.
My wife and I have been following the Democrat and Republican parties closer this year than ever before. We have been devout republican citizens for most of our lives. After listening to the State of the Union address on 1-25-2012 we both looked at each other and in unison said: Great Address. We can honestly say we are now on the Republican/Democrat fence. While we are still hesitant on jumping off the fence to the Democrat side we would like some assurance as to the promises and bold statements made by President Obama in the State of the Union Address. I am laying out some facts regarding a wrongful foreclosure guided by criminal activity from a foreclosure mill and big bank. FACT DEFINITION:
1. Something that actually exists; reality; truth: Your fears have no basis in fact.
2. Something known to exist or to have happened: Space travel is now a fact.
3. A truth known by actual experience or observation; something known to be true: Scientists gather facts about plant growth.
4. Something said to be true or supposed to have happened: The facts given by the witness are highly questionable.
5. Law . Often, facts. an actual or alleged event or circumstance, as distinguished from its legal effect or consequence. Compare question of fact, question of law.
1. My wife and I were being wrongfully sued for foreclosure by a big bank via a foreclosure mill. We sold and successfully closed the mortgage on a home in Indianapolis on January 6, 2010, and then in April 2010 we were notified via the United States Postal Services of a suit filed on us for foreclosure on the very home we sold.
2. My wife and I could not get the bank or the foreclosure mill to respond to our repeated request for an investigation regarding their mistake. We tried to contact the foreclosure mill in numerous degrees, (Telephone, email, and Fax). We sent dispute letters to all three credit reporting agencies. We sent letters/emails, phone calls to the bank. Still no one would respond or listen to us.
3. My wife and I were advised and virtually forced into retaining an Attorney to stop this foreclosure mill from recklessly ruining our lives any further than they already had. After contacting several Public officials such as Attorney General’s office, Governor’s offices etc. We were advised to seek legal representation and in the meantime they would investigate further. We took their advice and sought out legal representation.
4. My wife and I opted into seeking an alternate Attorney. Unfortunately the Indiana Attorney we were referred to was unable to conduct his business due to health issues, and we decided to retain different legal counsel.
5. My wife and I were duped into choosing another Attorney (Group??) through deceitful means. The attorney we chose to replace our prior attorney used means of dishonesty to acquire our confidence in him.
6. My wife and I were made to endure bully tactics for over a year. We were continuously being bullied and threatened by all sides including a Magistrate Judge who in turn mandated our attorney act only as a conduit for information purposes. The Magistrate stripped away any right we had to our legal counsel.
7. My wife and I were continuously made to feel as though we were common criminals of a crime, when in fact we were the only innocent party there. We did not commit criminal activities, the foreclosure mill and bank did.
8. Misconduct has been a common practice throughout this venture. Magistrate Denise K. LaRue was assigned to our complaints as the acting judge for the purpose of trying to help in settling our complaints. We made the Magistrate aware of lawyer misconduct by our attorneys and she ignored them. My wife was not included or allowed to be heard, the magistrate disregarded the legal right for a party to be heard. The Magistrate instructed our legal counsel to act only as a conduit of information. We were not afforded the right to legal counsel because the Magistrate took our legal counsel away. There are entries left off the court dockets that should be there as per the rules of judicial duties. The Magistrate permitted our legal counsel to withdraw without just cause. There are several other abnormalities within our case and the judicial system.
9. Deadlines were put in place on numerous occasions and the defense counsel continuously disregarded the court mandated deadlines. One example demonstrates that on December 20, 2011 via a Telephonic Status Conference, (Settlement talks) the Magistrate stated the conference was being recorded. During the settlement agreement talks, the defense was allotted 30 calendar days to submit to us all associated settlement documents and a check. As throughout the entire process the defense counsel has not adhered to any agreement, but chooses to change things at any given time. The defense has kept up this game throughout the legal process with no fear of consequences. We have been expected to endure an array of game playing tactics.
We have been treated as a pawn in a chess game from the onset of the wrongful foreclosure act. We have been forced into an unfair playing field. The games the parties have played are affecting our lives as responsible human beings. They are able to go home at night, put it all behind them and sleep at night. Day after day we’ve been forced to endure an emotional roller coaster ride, our financial stability has been shaken to the core, our emotional stability has been totally compromised, our physical and mental stability has been misused and weakened while being held together by medications, and our marriage has been tested in ways that are unacceptable to any human being. A day does not go by without a conversation about this injustice; it has virtually taken over our lives. My wife has been forced to endure the last several months in total fear; she is so shaken by this injustice that she’s had to be medicated to get through each day at work. We’ve been humiliated, lost social acquaintances and friendships due to this, but we still go on, because we are proud Americans. A quote by Martin Luther King has been a life testament I’ve lived by day after day “Our lives begin to end the day we become silent about things that matter”.
While there were several great comments made during the State of the Union Address, the comment regarding a level playing field shall ever be branded in my mind as a true American goal to a better future. As a proud American who served his country during the Vietnam era and has gone through the bad times and shared the good times, I know common sense will again be asserted to get America back on track to being the country we all love and respect. So the comments regarding a task force required to investigate the illegal activities of the big banks and associates is long overdue, but warranted. Kudos to the President of our great nation to stand up against tyranny of the Big Banks and those who protect them in their illegal activities.
In closing, we are asking for a thorough investigation of the criminal activities these parties have engaged in as noted in The State of the Union Address. We feel we have certainly earned that right. Hold all parties accountable for their actions and create a level playing field.
@David LeForge..it is clear to many Americans by now that there is only one party..both parties are completely corrupt and usesless..they are all bought and owned by the Rothschild/Vatican/Jesuit establishment..The media is also owned by that establishment…they all lie and dont give a shit about any of us…they believe we are all put here to be their slaves…if you are worth more to them dead they kill you… if you are lucky enough to not become sick by their constant chemical assault on our bodies…and you are able to retire you are allowed to live only as long as you dont become what they deem.. an useless eater…because then my friend..they send hospice in to execute you with starvation and the Brompton Mixture…Sorry if that sounds harsh but they are incredibly evil..
Ivent:
Are you allowed internet privileges at that sanitorium? It seems that you are, unless you are escaping from there during the day and visiting the local library!
At first you seemed reasonable. Now, I don’t know any more. Now I suspect my worst fears about you may be true. Besides, you are not helping this extremely important cause!
Why are the moderators allowing this junk?
… and I, Jason Werner, did business with every single one of those criminals. Yes, as a ROBO-BANKER, I ignorantly aided and abetted the bankster executives that still have a massive ponzi scheme, whereby they got rich off of unsuspecting victims while appeasing grunts like me by paying them their fake money. Yep, Mr. Schneidermann, I was paid off, thinking I was involved in a real business while I wore blinders and arguably refused to read my own bank’s books (or multiple sets of books).
Stop the fraud!!!!
Dont feel bad Jason!..they deceived the world!…the truth is out in the open now… and they make all of our skin crawl! The big swindle was the fact that all of us did business with these criminal institutions that posed as reputable financial insititutions…We no doubt all felt uneasy at one point…. but we were all distracted by alot of stuff like making money to pay for everything and the fake war on terror. among many other distractions….! We always thought we would just keep making more money…! Then they pulled the rug out from under all of us in one way or another…! Job loss, business loss, loss of income…everyone bought a home or business they couldnt afford if they lost their livelihood..When Clinton signed NAFTA and millions of jobs were going overseas under Clinton and Bush the writing was on the wall..things were going terribly wrong..but the economy was so good no one could believe that prosperity could end so abruptly…..Thats what people thought before the last manufactured Great Depression hit..It has been 80 years and people forgot what these puppet masters could do to entire nations with their debt cartel..We The People trusted too much..
CAUTION: Scneidman and HOLDER: Likely: the Schills; Mouthpieces / Suits, for: the Thief in Chief; is merely:
CONtriving a “Legalsleezey Scheme,” to Get Discoveries: “ahead of the ACTIONS,” to Provide: “SPECIAL,” ARTifices, Shemes, Tricks by: Professional, Technical Guidances, to AVOIDING the Lawful, Financially Hazardou$ RAMIFICATION$ for; their Chroanie’s, BrotherHOOD$, BARD Illumianati, and CoCONspirit-ors; Accessories to, and Pre the the Fact, to: Civil Suits!
The CRIMINALS Racketeering Thefts, Frauds and Schemes! Kind of Like: The Incorporate Cities and Counties, “CORONORS INQUISITIONS [inquests?],” “POLICE Shooting/Murder REVIEW BOARDS,” Intelligence gathering Evidences, Facts, Circumstances, INTEL gathering TRICKS to Precisisely glean Pre-INFO to: Black ARTfully PREpare :Their END GAME’s DEFENSE, Attacks and: MOre effectively: “LIMIT their EXten$ivee Liablilitie$ for the CRIMINAL Behaviors, Deaths Injuries, and Damages, precipitated by their Malicicious MALfactors, CONtumacious Bad Actors and Criminal; Extortion Agents!
How DID; they Know THAT? PSYCHO I’m sure!