Brian Heslin Co-Authors Mortgage Banking Article
Litigation attorney Brian Heslin and former MVA summer associate and Columbia University law student Jade Craig co-authored an article entitled "A Sweeping Crackdown" for Mortgage Banking Magazine's October 2010 issue.
In the article, Heslin and Craig discuss "Operation Stolen Dreams," the largest governmental crackdown on mortgage fraud which has resulted in hundreds of arrests and convictions as well as recovered funds. The authors discuss how the mortgage industry should be aware of and prepare for the enhanced oversight by federal enforcement agencies and how this operation has extended from federal criminal cases all the way to civil enforcement. Partners engaged in the operation include the FTC and the SEC, and they have been successful in bringing a wide range of individuals, from mortgage lenders and foreclosure-rescue service providers to real estate brokers, loan officers and fraudulent borrowers, to justice.
Heslin and Craig warn that mortgage fraud will be targeted at all levels within an organization and smaller brokers and companies who lack the resources of large lending institutions may be more negatively affected by the stress of a federal investigation.
The authors offer legal advice as to how a business should respond to an investigation, and they offer some tips and warnings for the investigation/pre-indictment and charges/post-indictment stages of an investigation.