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March 4, 2009
The Federal Deposit Insurance Corporation chairman briefed the Attorneys General on the position it is taking with today's mortgage fraud epidemic. MortgageDaily.com took a closer look at the warnings the Chairman had for the Attorneys General and what the agency intends to pursue.
The agency is seeking legal action with regards to thousands of mortgage fraud cases against mortgage brokers and other fraudsters, FDIC Chairman Sheila Bair said. She advised the Attorneys General to step up their mortgage fraud prosecution in order to regain soundness for the banking industry and housing market.
Bair attributed much of today's housing market crisis to the absence of strict oversight by wholesale lenders of their brokers. In addition, rivalries between federal and state regulators helped intensify the crisis as well, she added.
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