Holder prosecutes mom and pop, fat cats walk

With great fanfare, President Obama signed Executive Order 13519 on Nov. 17, 2009, establishing a Financial Fraud Enforcement Task Force to be led by Attorney General Eric Holder with the aim of prosecuting fraud and recovering assets in the economic debacle that began one year earlier.

In 2010, the Mortgage Fraud Working Group organized under the executive order issued its first annual report, boasting that the number of mortgage fraud defendants charged by the U.S. Attorneys’ Offices more than doubled from 526 in fiscal year 2009 to 1,235 in fiscal year 2010. A similar increase was reported in the number of mortgage fraud cases charged, going from 267 in 2009 to 656 in 2010.

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