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.
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.49%||3.45%|
|15 yr fixed||2.77%||2.70%|
|30 yr refi||3.51%||3.47%|
|15 yr refi||2.81%||2.72%|
Today's featured rates:
Some analysts think Netflix makes sense as a takeover target now that AT&T and Time Warner may be kicking off a new round of mergers in the worlds of media and tech. More
Comparing the rise of Donald Trump with the shocking Brexit vote in the U.K. is misguided, according to a pair of new reports released on Wednesday. More
Tesla just unveiled one of its most unusual feats yet: turning a profit. More
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More
You can't avoid risk altogether. But you should consider how you can balance different risks. More