U.S. eyes criminal violations in foreclosure crisis
29.10.2010 00:00
U.S. eyes criminal violations in foreclosure crisis
By Terry Frieden, CNN Justice Department ProducerOctober 19, 2010: 5:41 PM ETWASHINGTON (CNN) -- Federal law enforcement officials said Tuesday the probe of potential fraud by financial firms in the foreclosure crisis includes an investigation into possible criminal violations of federal laws.
Two sources familiar with the Financial Fraud Enforcement Task Force indicated the multi-agency effort by investigators in the Justice, Treasury and Housing Departments would determine whether prosecutors would ultimately pursue criminal or civil penalties - or both.
The Task Force has scheduled a meeting for Wednesday morning at the Department of Housing and Urban Development. Upon conclusion a briefing is likely at the White House, officials said.
"The administration's Federal Housing Administration and Financial Fraud Enforcement Task Force have undertaken their own regulatory and enforcement investigation into the foreclosure process," White House Press Secretary Robert Gibbs confirmed Tuesday. "We remain committed to holding accountable any bank that has violated the law," he said.
Growing concern over flawed paperwork by banks and other lenders in foreclosure proceedings has prompted growing anger and confusion in the housing market. Some banks temporarily froze foreclosures, but are now indicating plans to resume seizing homes after reviewing new paperwork.
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Tam Doan signed thousands of foreclosure documents at Bank of America, but he said, "I had no idea what I was signing." College costs continue to rise across the board, but tuition and fees are climbing at a faster pace at public schools than at private universities. Government hopes a new round of asset purchases will breathe life into the economy, but some experts warn it may translate into higher consumer prices.
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