AGOURA HILLS, CA — (Marketwire) — 08/15/11 — The has just reported that against the Nation-s home owners is still continuing despite more than 1,000 pages of inter-agency reports by the Department of Homeland Security, the FDIC and the Comptroller of the Currency outlining the 14 bank servicers- misconduct, says Mitchell J. Stein of the national law firm of Mitchell J. Stein & Associates LLP. “Incredibly, the fraud now involves brand new loans or loan transfers, where the banks are continuing to subject the American public to the same practices that started the meltdown in 2008.”
“The FBI has found the fraudulent practices to be widespread, with banks believing there is little chance of being caught,” remarked Michael S. Riley, the Firm-s managing partner. “We would expect to see this. In my history as a prosecutor, the hallmarks of widespread financial fraud are pervasive industry practices, a profit motive, and a seeming ability to get away with it. We have all those elements here.”
“Now that the FDIC and have reported at length on the problem, banks and bank servicers have become resilient and more sophisticated in their schemes,” said Mr. Stein.
In the FBI report, the Bureau predicted that perpetrators will “continue to seek new methods to circumvent loopholes and gaps in the mortgage lending market,” said Mr. Stein.
The Firm sees the unlawful methods remaining effective for some time, as it reported that FBI-s pending investigations into mortgage fraud actually increased last year by 12 percent.
The Bureau says it is dedicating resources to combat the threat, including an initiative launched in June 2010 called Operation Stolen Dreams that targeted mortgage fraud throughout the country, reports Mr. Stein.
The top states for mortgage fraud last year were California, Florida, New York, Illinois, Nevada, Arizona, Michigan, Texas, Georgia, Maryland and New Jersey.
“Our Firm has already filed suit in three of these States and is pursuing the bank servicers in the remainder of the States. We are tracking the fraud and have seen the same patterns of misconduct throughout the Country. Rest assured that Mitchell J. Stein & Associates LLP will hunt down and bring these bank servicers — and their co-conspirators — to justice over the next couple years.”
Because this is now a Homeland Security threat, the Firm is actively working with Homeland Security and State Attorneys General to assure that the banks- attempts at continuing fraud are thwarted.
As Mr. Stein concluded, “We have to assure that the situation does not result in the Department of Homeland security taking extreme measures to protect the Homeland. We are tracking and litigating mortgage fraud wherever the banks take it — state-by-state as necessary — and we will stick like glue to their fraud outside and inside courtrooms to ferret out the unlawful and unsafe practices once and for all.”
ABOUT MITCHELL J. STEIN & ASSOCIATES LLP
Mitchell J. Stein & Associates is a California-based law firm founded by M.J. Stein, Esq. — known as “The Doberman” — a 25-year award-winning litigator, trial lawyer, financier, and entrepreneur who has represented many of the world-s largest companies and has been involved in some of the highest profile cases in the Nation-s history. The Firm-s philosophy is based on the belief that their clients- needs are of the utmost importance and, as a result, a high percentage of the Firm-s business has been from repeat customers and referrals. The Firm-s practice areas include Complex Litigation, Bank Problems, Mergers & Acquisitions, Commercial and Residential Foreclosures, and Bankruptcy Litigation. Mr. Stein is also the founder of VIPS Foundation (Victims of Injustice Pain and Suffering), through which victims nationwide, over the last 15 years, have received assistance following unfortunate events that subjected them to oppression or mistreatment. In that regard, Mr. Stein received the inaugural Mitchell J. Stein Benefactor Award from the National Organization for Victim Assistance (NOVA) for his work in protecting victims- rights. Visit for more information.
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