Snap-O Fact #72

Sources:

http://www.whitehouse.gov/blog/Protecting-Homeowners-Protecting-the-Economy

http://www.omig.state.ny.us/data/images/stories/press_releases/fca_amendments.pdf

http://www.presidency.ucsb.edu/ws/index.php?pid=86167#axzz1hR2Xsxaa

http://www.gpoaccess.gov/presdocs/2009/DCPD-200900390.pdf

Obama signed the Fraud Enforcement and Recovery Act.The financial industry has manipulated large numbers of hard-working innocent American families to lose their homes. In order to curtail these abuses and manipulations President Obama signed the Fraud Enforcement and Recovery Act on May 20, 2009. This act expanded the Department of Justice’s responsibility and capability to examine the processes the financial industry uses to improperly push struggling homeowners into the street.. This legislation also establishes a Financial Crisis Inquiry Commission to investigate the financial practices that Wall Street has been using. The act focuses on banking, mortgage, and federal stimulus fraud. The main purpose of the law is to protect consumers, regulate Wall Street, and improve the whole economy in the United States.