Unit Announced By President Obama In 2012 State Of The Union Address
Panel Charged With Investigating Mortgage Crisis, Resulting Damage To Homeowners And Investors
Schneiderman: Comprehensive Investigation Will Help Restore Americans’ Trust In Financial Sector And Government
WASHINGTON – New York Attorney General Eric T. Schneiderman, U.S. Attorney General Eric H. Holder, Housing and Urban Development (HUD) Secretary Shaun Donovan, and Securities and Exchange Commission (SEC) Director of Enforcement Robert Khuzami today detailed the core mission of the new Residential Mortgage-Backed Securities Working Group announced by President Obama in the State of the Union address. This collaboration brings together the Department of Justice (DOJ), several state law enforcement officials – led by Attorney General Schneiderman – and other federal entities to investigate those responsible for misconduct contributing to the financial crisis through the pooling and sale of residential mortgage-backed securities. It builds upon ongoing state and federal investigations, while also launching new ones.
The goals of this joint investigation will be to:
- Hold accountable any institutions that violated the law;
- Compensate victims and help provide relief for homeowners struggling from the collapse of the housing market, caused in part by this wrongdoing; and
- To help us finally turn the page on this destructive period in our nation’s history.
“I would like to thank President Obama and Attorney General Holder for launching this comprehensive investigation, and I look forward to co-chairing this effort that marshals state and federal resources to bring justice for the victims of the misconduct that caused the mortgage crisis,” said Attorney General Schneiderman. “In coordination with our federal partners, our office will continue its steadfast commitment to holding those responsible for the mortgage crisis accountable, providing meaningful relief for homeowners commensurate with the scale of the misconduct, and getting our economy moving again. The American people deserve nothing less than a thorough investigation into the global financial meltdown to ensure nothing like it ever happens again, and this effort is a major step in the right direction.”
Attorney General Schneiderman and Attorney General Holder announced that the new working group will include 55 Department of Justice attorneys, analysts, agents and investigators. As it begins its work, 15 attorneys – civil and criminal – and 10 FBI agents and analysts will be initially assigned to the working group. An additional 30 attorneys, investigators and other staff from U.S. Attorney’s Offices around the country will join the working group’s efforts, in addition to existing state and federal investigations into similar misconduct under those authorities.
“This Working Group brings together federal and state partners to strengthen current and future efforts to investigate and prosecute instances of wrongdoing in the residential mortgage-backed securities market,” said Attorney General Holder. “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.”
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