Assistant Attorney General Tony West, who oversees the Civil Division at the Department of Justice, announced last Tuesday, Nov. 24, the newest addition to the fight against financial and mortgage fraud: an Executive Order by President Obama creating the Financial Fraud Enforcement Task Force. The Dept. of Justice Task Force will combine the efforts of approximately 20 government agencies working with states’ Attorney Generals and even local District Attorneys to criminally prosecute all types of financial fraud.
HUD will also be joining the Dept. of Justice Task Force to tackle mortgage fraud. Since one of every 3 new mortgages is insured by the FHA (officially part of HUD), the fraud Task Force will prosecute fraud in FHA insured mortgages using the False Claims Act. This law makes it a crime to “submit fraudulent claims to the government, and these include false claims made to the FHA in loan documents.” HUD will be looking for support from the public in identifying fraud under the Act. Members of the public who step up with information may receive a bit more than a gold star. Whistleblowers are entitled to a share of the recovery of funds the government receives. Last year, whistleblowers received $254,794,658 in connection with False Claims Act enforcement.
Although Asst. AG West made the fraud Task Force announcement in Nevada, the state with the highest number of foreclosures in the nation, according to West these efforts are will be a “cabinet level” priority for the entire nation.
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