RMBS WG Press Conference on Enforcement Action

Acting Associate Attorney General Tony West delivers remarks while Housing and Urban Development Secretary Shaun Donovan, Assistant Attorney General for the Criminal Division Lanny Breuer, and New York Attorney General Eric Schneiderman look on. The Residential Mortgage Backed Securities (RMBS) Working Group members today announced their first legal action since the working group formation earlier this year.

RMBS Co-Chair U.S. Attorney for the District of Colorado John Walsh declares the group's first legal action to be proof of the RMBS's early successes. "This announcement demonstrates that the RMBS Working Group model works [it] is a testament to the unity of purpose brought to bear by the RMBS Working Group and what is possible when we work together to achieve justice for all Americans."

Housing and Urban Development (HUD) Secretary Shaun Donovan discusses the RMBS findings. This lawsuit is the first legal action from the RMBS Working Group, a state-federal task force created by President Obama earlier this year to investigate those responsible for misconduct contributing to the financial crisis through the pooling and sale of residential mortgage-backed securities.

Housing and Urban Development (HUD) Secretary Shaun Donovan addresses reporters about the findings of the RMBS. The RMBS Working Group is one of eight working groups within President Obama's Financial Fraud Enforcement Task Force (FFETF) which was created in November 2009 to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes.

New York Attorney General Eric Schneiderman, co-chair of the RMBS, announces legal action against JPMorgan for making fraudulent misrepresentations and omissions to investors. "Our lawsuit demonstrates that there is one set of rules for all - no matter how big or powerful the institution may be - and that those rules will be enforced vigorously."

A crowd watches on as New York Attorney General Eric Schneiderman announces the actions taken by the RMBS Working Group. "This lawsuit will bring accountability for the misconduct that led to the crash of the housing market and the collapse of the American economy."