February 9, 2012
Criminal Prosecutions Apparently Not Prohibited By Historic Mortgage Settlement Agreement
From the Department of Justice Press Release:
"The agreement resolves certain violations of civil law based on mortgage loan servicing activities. The agreement does not prevent state and federal authorities from pursuing criminal enforcement actions related to this or other conduct by the servicers. The agreement does not prevent the government from punishing wrongful securitization conduct that will be the focus of the new Residential Mortgage-Backed Securities Working Group. The United States also retains its full authority to recover losses and penalties caused to the federal government when a bank failed to satisfy underwriting standards on a government-insured or government-guaranteed loan. The agreement does not prevent any action by individual borrowers who wish to bring their own lawsuits. State attorneys general also preserved, among other things, all claims against the Mortgage Electronic Registration Systems (MERS), and all claims brought by borrowers."
This does not resolve the question of whether any federal robo-signing fraud prosecutions will occur or why none have been brought to date.
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Posted by: Kevin McGee | Jul 21, 2012 6:47:10 AM