The Obama administration has created a task force charged with investigating fraud in connection with the packaging and sale of residential mortgage backed securities (RMBS). Dubbed the Residential Mortgage-Backed Securities Working Group, the task force is a collaborative effort between the Securities and Exchange Commission, the Department of Justice, and many United States Attorneys’ Offices that was formed in response to the wrongful behavior in the RMBS market that contributed to the financial collapse of 2008. The task force is actively seeking and investigating information from corporate insiders with knowledge of misconduct relating to loan origination, underwriting, and sponsorship of RMBS.
The Government has many tools at its disposal to combat and punish mortgage fraud, including the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the Financial Institutions Anti-Fraud Enforcement Act, and the False Claims Act. All three of these provisions allow whistleblowers to receive substantial awards if the Government receives a monetary recovery based on information provided by the whistleblower.
The lawyers at Tycko & Zavareei LLP specialize in representing whistleblowers under the Dodd-Frank, False Claims, and Financial Institutions Anti-Fraud Enforcement acts. If you believe that you have information regarding fraud in connection with residential mortgage-backed securities, please contact us at www.fraudfighters.net or 202-973-0900.