Skip to main content

Newsroom

March 18, 2014

Haste Clouds Long-Term Effort on Mortgage Fraud

“A report issued by the Justice Department’s inspector general, Michael E. Horowitz, underscores the danger of extolling short-term results when it comes to prosecuting white-collar crimes. The report highlights how generating headlines seemed to take precedence over accurate figures in the government’s fight against mortgage fraud.

“In October 2012, less than a month before the presidential election, Attorney General Eric H. Holder Jr. called a news conference to trumpet the Justice Department’s success in combating foreclosure fraud through a program called the Distressed Homeowner Initiative. “The success of the Distressed Homeowner Initiative, and the developments we announce today, underscore our determination to pursue these and other financial fraud criminals around the country,” Mr. Holder said in a statement.

“The claims of great success came during a time of persistent criticism that the Justice Department was not taking stronger action to pursue fraud in the run-up to the financial crisis. The numbers offered by Mr. Holder for the first year of the initiative were impressive: charges filed against 530 defendants, including 172 executives, from frauds that resulted in losses of more than $1 billion.”

***

Read full NY Times article here.

In the News
Share

MEDIA REQUESTS

For media inquiries, please contact us at
press@bettermarkets.org or 202-618-6433.

Contact Us

For media inquiries, please contact press@bettermarkets.org or 202-618-6433.

To sign up for our email newsletter, please visit this page.

Name(Required)
This field is for validation purposes and should be left unchanged.

Sign Up — Stay Informed With Our Monthly Newsletter

"* (Required)" indicates required fields

This field is for validation purposes and should be left unchanged.

For media inquiries,

please contact press@bettermarkets.org or 202-618-6433.

Donate

Help us fight for the public interest in our financial markets, protecting Main Street from Wall Street and avoiding another costly financial collapse and economic crisis, by making a donation today.

Donate Today