Justice Department Outlines Approach to Residential Mortgage-Backed Securities Cases

Allison Tussey —  July 17, 2014 — Leave a comment

Associate Attorney General Tony West outlined the Justice Department’s approach to resolving the remaining cases related to Residential Mortgage-Backed Securities (RMBS) misconduct that contributed to the financial crisis.  West declared that the department would not hesitate to bring litigation against these firms if these principles were not met.

Associate Attorney General West detailed three general principles that will continue to guide the Justice Department’s approach in all future RMBS cases: accountability, transparency and redress.  These principles will comprise of civil penalties, a robust statement of facts and consumer relief for the American people.

“If an institution is unwilling to admit its wrongful conduct in a statement of facts; or balks at paying a substantial penalty that reflects that conduct; or refuses to do right by those affected, then we will not shrink from litigating as long as we must to fulfill our law enforcement mandate,” said Associate Attorney General West.

Allison Tussey

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