Corporate Fraud Crackdown Grows: Feds Expand Mortgage Task Force

Feds are stepping up their game in the war against corporate fraud. The President’s Corporate Fraud Task Force has just added six new agencies to its ranks, aiming to crack down on mortgage and securitization fraud cases.

The expanded roster now includes heavy-hitters like the Federal Housing Finance Agency and the Office of the Comptroller of the Currency. This is the biggest expansion since the task force was formed in July 2002.

Deputy Attorney General Mark R. Filip, who chairs the Task Force, emphasized the need for collaboration to tackle mortgage fraud at its corporate roots. The urgency of their mission couldn’t be more clear as they face the ongoing crisis and the depth of the problem.

The briefing today provided a glimpse into the Task Force’s efforts, including insights from regulatory agencies on their fight against mortgage fraud. The Special Inspector General for TARP also shared updates on the troubled asset relief program.

With nearly 1,300 corporate fraud convictions since its inception, the task force has proven to be a formidable force in the battle against white-collar crime. Their latest move is sure to send shockwaves through the financial sector.

The President’s Corporate Fraud Task Force was established by George W. Bush on July 9, 2002, to restore confidence following major corporate scandals. Since then, federal prosecutors have been relentless in their pursuit of those who violate trust and manipulate markets.