By Peter Schroeder - 01/27/12 05:20 PM EST
“This Working Group brings together federal and state partners to strengthen current and future efforts to investigate and prosecute instances of wrongdoing in the residential mortgage-backed securities market,” said Attorney General Eric Holder. “With this focus on collaboration — and by bringing our government’s full enforcement resources to bear — I have no doubt that we will improve our ability to recover losses, to prevent fraud, to bring abuses to light, and to hold those who violate the law accountable."
Along with top officials at DOJ and the SEC, the team will be co-chaired by New York Attorney General Eric Schneiderman, who has risen to prominence by speaking out against a proposed settlement being worked out between state AGs and the nation's largest banks for issues with mortgage servicing and lending.
When the unit is fully up and running, it will consist of at least 55 attorneys, analysts and agents from across the country, and will be charged with finding institutions that violated lending laws, as well as assisting struggling homeowners victimized by those actions.