In his role, he headed the DOJ’s residential mortgage-backed security task force that in the past several months has secured massive settlements with Citigroup, JPMorgan Chase, Bank of America and others over the banks’ toxic mortgage lending practices that led to the collapse of the housing economy.
“We have not ruled out holding these organizations or individuals criminally responsible,” U.S. Attorney General Eric Holder said. “The agreement does not preclude the ability to bring criminal charges.”
The Association of Mortgage Investors sent a letter to Attorney General Eric Holder warning that innocent mortgage-backed securities investors could end up shouldering a huge part of the financial burden if the AG settles a pending MBS case with JPMorgan Chase.
Layton has over 35 years of experience in financial services and as a corporate leader. He worked for nearly 30 years at JPMorgan Chase and its predecessors, starting as a trainee and rising to vice chairman and member of the three-person Office of the Chairman, retiring in 2004..
"The questions become, ‘Do the courts find a distinction between housing policy and lending, as in whether to make a loan and how you price that loan? Does the government get broader discretion than the private sector?’ ” Andreano said. “It’s not fleshed out.” Read More