DOJ: Make Mortgage-Fraud Prosecutions a Top Priority
The Inspector General’s Office of the Department of Justice (DOJ) issued a March 2014 report documenting the failure of the DOJ and the FBI to prioritize prosecuting those responsible for the massive mortgage fraud that helped to tank our economy. Millions of Americans continue to suffer the consequences of greed-driven and illegal banking practices that contributed to our nation’s worst economic crisis since the Great Depression.
The new report states that “DOJ did not uniformly ensure that mortgage fraud was prioritized at a level commensurate with its public statements. For example, the Federal Bureau of Investigation (FBI) Criminal Investigative Division ranked mortgage fraud as the lowest ranked criminal threat in its lowest crime category.”
Incredibly, “According to FBI Criminal Investigative Division officials, certain complex financial crimes are not assigned a priority ranking.” That is pretty incredible when you consider our nation lost $3.4 trillion in real estate wealth from July 2008 to March 2009. The report also found that despite congressionally approved budget increases, “the number of FBI agents investigating mortgage fraud as well as the number of pending investigations decreased” during the period covered by the budget increase.
So now we see even more clearly why the banking executives who gambled with our economy have not been brought to justice. But there is still time for justice to be served.
Please sign the letter below to Attorney General Eric Holder, demanding that the DOJ make mortgage-related crimes an immediate top priority. Senator Elizabeth Warren and Representatives Elijah Cummings and Maxine Waters are now urging the Attorney General “to ensure that the (DOJ’s) efforts to identify and prosecute those responsible for fraudulent mortgage practices are equal to the harms such crimes have caused our constituents.”
Take action today to demand justice for the millions of Americans foreclosed upon since the financial crisis began.
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