White House Rolls Out New RMBS Crackdown Effort

Law360, New York (January 27, 2012, 8:27 PM EST) -- Just days after President Barack Obama promised a crackdown on reckless mortgage lending in his State of the Union address, the administration kicked off its new investigation effort Friday with 11 subpoenas to financial institutions and the creation of a new mortgage-backed securities working group.

The U.S. Department of Justice and a consortium led by New York Attorney General Eric Schneiderman separately announced the working group, which they said has already begun new efforts to hold banks accountable for breaking lending laws, compensate victims and move...
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