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January 31, 2014

Government Gets More Aggressive in Using FIRREA To Prosecute MBS Fraud

By George Brooks

Only a handful of FIRREA cases were filed in the first 20 years after enactment of the statute. In the last two years, however, the government has aggressively used FIRREA to target financial institutions for activities related to the origination, rating, securitization and servicing of residential mortgages.

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After the November elections, how long will it take for a new Congress and White House to pass GSE reform legislation?

I’m confident a bill will be passed the first year.


2 to 3 years. GSE reform is complicated.


Sadly it won’t happen in a Clinton or Trump first term.


Not in my lifetime.


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