Tuesday, May 3, 2011

DOJ Files False Claims Act Suit Against Banks For Mortgage Fraud

Today in Southern District New York, the U.S. Department of Justice filed one of its first False Claims Act suits against Deutsche Bank and Mortgage IT, Inc. for mortgage fraud.

The significance in this filing goes far beyond the DOJ getting off its lethargic arse and doing something.  It signifies the beginning signs of backbone growth in the current administration.

So far, you have a particularly large segment of the population walking around, well, I mean attempting to pass legislation to dismantle 40 years of regulation,  all for the sake of protecting the ability of major corporations to create jobs.

You have states allowing child welfare fraud to exist.

You have major record labels snatching copyrights from major musical icons, even from the dead.

You have pharmaceutical corporations lobbying for fraudulent legislation to drug kids.

You even have Bernie Madoff in on federal regulation rip-off game.

It's about time someone start blaming the right persons.  It is the duty of the Department of Justice to protect the civil liberties of the people and this is an excellent example.

Deutsche Bank and MortgageIT unit sued for mortgage fraud

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