Sen. Maria Cantwell demands full Justice Dept. investigation of foreclosure fraud

December 15, 2011

Daily Kos – The rumored “imminent” foreclosure fraud settlement, in which the federal government and state attorneys general would basically let the banks off the hook for stealing millions of homes, has another strong opponent. That would be Sen. Maria Cantwell (D-WA), who wrote to U.S. Attorney General Eric Holder Thursday demanding that a full investigation be conducted before financial institutions are absolved of liability for fraudulent foreclosure practices.

“Recently reported settlement proposals will effectively absolve these financial institutions of substantial civil and criminal liability in one of the largest alleged fraud schemes during the financial crisis,” Cantwell wrote in the letter to Attorney General Holder. “Continued reports of wrongful foreclosures, forged documents, and an inability of servicers and banks to prove chain of title…raises the alarming possibility that these defects were endemic to the mortgage servicing industry across the country. The sheer magnitude of the potential fallout…demands that we undertake a full investigation.”

In the letter Cantwell wrote that a $20 billion settlement is not enough for victims of foreclosure fraud or the millions of Americans who face foreclosure.

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