Financial Fraud Enforcement Task Force Members Reveal Results of Distressed Homeowner Initiative

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Financial Fraud Enforcement Task Force Members Reveal Results of Distressed Homeowner Initiative

Financial Fraud Enforcement Task Force Members Reveal Results of Distressed Homeowner Initiative

First Law Enforcement Effort Focused on Crimes Against Struggling Homeowners 530 Criminal Defendants Charged, 73,000 Victims and Losses of More Than $1 Billion

Attorney General Eric Holder, Housing and Urban Development (HUD) Secretary Shaun Donovan, FBI Associate Deputy Director Kevin L. Perkins and Federal Trade Commission (FTC) Chairman Jon Leibowitz today announced the results of the Distressed Homeowner Initiative, the first-ever nationwide effort to target fraud schemes that prey upon suffering homeowners. The yearlong initiative, launched by the FBI, a co-chair of the Financial Fraud Enforcement Task Force’s Mortgage Fraud Working Group, resulted in 530 criminal defendants charged, including 172 executives, in 285 federal criminal indictments or informations filed in U.S. District Courts across the country. These cases involved more than 73,000 homeowner victims and total losses by those victims estimated by law enforcement at more than $1 billion.    

“These comprehensive efforts represent an historic, government-wide commitment to eradicating mo rtgage fraud and related offenses,” said Attorney General Holder. “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.”

From Oct. 1, 2011, to Sept. 30, 2012 (FY 2012), the Distressed Homeowner Initiative focused on fraud targeting homeowners, such as foreclosure rescue schemes that take advantage of homeowners who have fallen behind on their mortgage payments. Typically, the con-artist in such a scheme promises the homeowner that he can prevent foreclosure for a substantial fee by, for example, having so-called investors purchase the mortgage, or transferring title in the home to persons in league with the scammer. In the end, the homeowner can lose everything. Other targets of the Distressed Homeowner Initiative include perpetrators of loan modification schemes who obtained advance fees from homeowners after falsely promises that they would negotiate more favorable mortgage terms on behalf of the homeowners. 

[JUSTICE.GOV]

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6 Responses to “Financial Fraud Enforcement Task Force Members Reveal Results of Distressed Homeowner Initiative”

  1. Joe says:

    WHAT A JOKE. THEY STILL DON’T GET IT. THEY STILL DON’T KNOW WHERE THE REAL FRAUD IS. I’ll give you a hint. You might what to check every yacht out their. Or here’s some more hints judges,banks and servicers. Dhhh.

  2. Everyone needs to email these emails and let them know this fraud and crime is being done by the big banks as well in mass. Not just these smallet frauds. The big banks are as guilty as the smaller parasites.

  3. You are so right Joe! Dont tell me they dont know it. Is this denial or just to make the sheeple think it is on a smaller scale only. They were all having one big party on us the victims. A dracula blood sucking party. The big TBTF banksters and government officials that helped them are the bigger picture in this crime against Americans and the entire globe.

  4. rene says:

    I agree, GO AFTER ALL THE BANK CEO’s AND BANK EMPLOYEES STILL COMMITTING THE FRAUD BY COLLECTING ON ILLEGAL SECURITIZED E-NOTES!! WHAT IS WRONG WITH THIS PICTURE YOU ASK? ERIC HOLDER HIMSELF HIMSELF IS NOT CHARGED!!!
    15 USC 7003 TELLS US ALL THAT THE ELECTRONIC NOTES ARE NOT ENFORCEABLE AND YET HOMEOWNERS RIGHT NOW ARE BEING EVICTED WITH FRAUD, GO AFTER THE SERVICERS LIKE SPS WHO BOFA SOLD THEIR SERVICING RIGHTS TOO, CONVENIENTLY JUST BEFORE THE SETTLEMENT? THAT IS THE DIRECTION TO GO!! IT WAS THE BANKSTERS THAT CREATED THIS BY BLENDING WALL STREET AND THE BANKS! THAT IS WHO YOU NEED TO GO AFTER AND GIVE ALL THE HOMEOWNERS REFUNDS OF ALL MONIES PAID OUT AND QUIET TITLE TO THEIR HOMES!

  5. Joni Brit says:

    If that had been done in the first place not only would justice have been served Renee, families would still be in their homes, billions of US taxpayers dollars would have been saved which were instead spent on Wall Street bonuses and fraudulently bailing out insurance companies like AIG. I will beleive it when I see it, but the fact this is suggested is a step forward towards TRUTH.

  6. Don Day Sr. says:

    The DO get where the fraud is, but just like the “spontaneous attacks in Bengazi” statements its a smoke screen to divert the attention away from the real issue. In this case the real perps, Fannie, Freddie, Ginnie, MERS and the big 5. I have take to closing my communications with officials with “They were too big to fail while we, the American people, are to small to save”.

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