Skip to main content

SIGTARP Recovers $1.58 Billion to Date

NationalMortgageProfessional.com
Jul 31, 2015
Pile of Money/Credit: Ingram Publishing

The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) has announced that 200 bankers, corporate executives, mortgage modification scammers, real estate developers, brokers, and other defendants investigated by SIGTARP and law enforcement partners have been convicted of crimes related to TARP. Of the 200 defendants convicted, 113 have already been sentenced to prison, and others await sentencing.

“It is reprehensible that anyone would commit crime related to the government’s unprecedented bailout designed to respond to the financial crisis, action that was fully-funded by taxpayers,” said Christy Romero, Special Inspector General for the Troubled Asset Relief Program (SIGTARP). “These 200 convictions of defendants investigated by SIGTARP showcase the difference SIGTARP can make, after six years, by combining forces with the Justice Department and other law enforcement partners. As a law enforcement team united against bailout-related crime, we are getting smarter with each case and more efficient at rooting out hidden TARP-related crime, stopping that crime, and bringing accountability and justice to perpetrators. There is much more to come.”

The milestone represents six years of teamwork between SIGTARP and federal, state, and local law enforcement partners and the justice system.

“SIGTARP investigates crime, including through searches and seizures, and makes arrests,” said Romero. “SIGTARP supports the prosecution of those we investigate through criminal charges, convictions, and sentencing. It is the important role of SIGTARP to ensure that prosecutors have all of the evidence to prove a charged defendant’s guilt beyond a reasonable doubt to secure a conviction. SIGTARP plays an integral role at trials of defendants we investigate. These convictions are the result of marshaling the combined resources of multiple agencies, including the Justice Department, U.S. Attorney’s Offices, the Federal Bureau of Investigation, multiple Offices of Inspectors General, and state and local law enforcement. These relationships allow for more effective prosecutions through maximizing resources, information-sharing, and close coordination across jurisdictions. The results of these combined efforts include the recovery of more than $1.58 billion for the government and other victims of crimes related to TARP. The results to date would not have been possible without the breadth and strength of the law enforcement team effort being brought to bear against those who commit TARP-related crime.”

 

Published
Jul 31, 2015
Crime Stories From The Trenches

Bad brokers, renegade Realtors, treacherous title agents. It’s getting tough out there.

Regulation and Compliance
Oct 26, 2021
Feds Reviewing Appraisal Standards, Qualifications

Appraisal Subcommittee said requirements are being reviewed to determine whether they ensure and promote fairness, equity, objectivity, and diversity, in both appraisals and in the training and credentialing of appraisers.

Regulation and Compliance
Oct 20, 2021
​​​​​​​FHFA OK's Desktop Appraisals, Expands Refi Criteria

The Federal Housing Finance Agency (FHFA) said Monday it will take two steps to help make home ownership more affordable and sustainable for mortgage borrowers, especially for those in underserved communities. 

Regulation and Compliance
Oct 19, 2021
CFPB Names 4 To Key Senior Positions

The appointees include two who helped create the bureau and two who served on the CFPB staff during the Obama administration.

Regulation and Compliance
Oct 14, 2021
FHFA Raises Enterprises' Multifamily Loan Purchase Caps

The Federal Housing Finance Agency (FHFA) said the 2022 multifamily loan purchase caps will be $78 billion for each Enterprise, for a combined total of $156 billion to support the multifamily market.

Regulation and Compliance
Oct 13, 2021
CFPB Hits AAG With Complaint For Deceptive Marketing Of Reverse Mortgages

The Consumer Financial Protection Bureau filed a complaint and proposed consent order, which alleges that American Advisors Group (AAG) used inflated and deceptive home estimates to attract reverse mortgage consumers.

Regulation and Compliance
Oct 12, 2021