U.S. eyes criminal violations in foreclosure crisis

By Terry Frieden, CNN Justice Department Producer


WASHINGTON (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. To top of page


Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Overnight Avg Rate Latest Change Last Week
30 yr fixed3.85%3.81%
15 yr fixed2.97%2.91%
5/1 ARM3.38%3.09%
30 yr refi3.85%3.81%
15 yr refi3.01%2.99%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
  • Find Homes for sale
    Real estate and homes for sale on Trulia

  • Property Type
  • Find a home in: New York | Atlanta | Chicago | Los Angeles
  • Washington D.C | Houston | Philadelphia | More options
Index Last Change % Change
Dow 17,387.21 -291.49 -1.65%
Nasdaq 4,681.50 -90.27 -1.89%
S&P 500 2,029.55 -27.54 -1.34%
Treasuries 1.82 -0.00 -0.16%
Data as of 1:37am ET
Company Price Change % Change
Microsoft Corp 42.66 -4.35 -9.25%
Apple Inc 109.14 -3.96 -3.50%
Bank of America Corp... 15.63 -0.22 -1.39%
Intel Corp 34.18 -1.62 -4.52%
Cisco Systems Inc 26.90 -1.07 -3.83%
Data as of Jan 27

Sections

American Express and MasterCard are preparing to let customers use their credit cards in Cuba. More

The FCC has warned hotels that Wi-Fi hotspot blocking is strictly prohibited. More

On demand delivery startup WunWun is expecting its order volume to double by the time they close up shop on Monday. All thanks to a blizzard. More

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2015 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2015. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2015 and/or its affiliates.