Shahien Nasiripour, Senior Business Reporter for The Huffington Post, appeared on "Democracy Now!" to discuss his recent report, "Confidential Federal Audits Accuse Five Biggest Mortgage Firms Of Defrauding Taxpayers."
When asked by Amy Goodman which financial institutions were being held accountable for illegal practices, Nasiripour responds, "Nothing can really happen unless Justice brings charges. But the pressure is on the Department of Justice, because now we know the existence of these reports."
"Democracy Now!" describes Nasiripour's report on their website, writing:
The Huffington Post has revealed that a set of confidential federal audits accuse the nation's five largest mortgage companies of defrauding taxpayers in their handling of foreclosures on homes purchased with government-backed loans. The audits conclude the banks cheated the government by overvaluing their losses on foreclosed homes and submitting faulty and defective documents to get federal reimbursement.
According to Nasiripour's report, the investigations examined Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial. The banks were found to be in violation of the False Claims Act.
During the interview, Nasiripour says, "Now we have these audits that are on the table and the banks know that essentially, the government's here to play ball, and they're not messing around."
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