The U.S. Department of Justice was busted for over inflating just how much focus it was putting on mortgage fraud — ironic.
An audit released by the Inspector General revealed that there is little proof the promise of high-levels of mortgage fraud prosecution ever took place.
"We… determined during this audit that DOJ did not uniformly ensure that mortgage fraud was prioritized at a level commensurate with its public statements," said the audit, released today from Inspector General Michael Horowitz.
Instead, Fannie Mae is interjecting with its own battle plan to combat mortgage fraud.
The government-sponsored enterprise put out a job posting Tuesday seeking a Mortgage Fraud Investigator.
The job description reads:
Apply comprehensive knowledge of mortgage fraud schemes. Operate with considerable latitude to substantiate suspicion of fraud relating to single or multifamily originations, servicing or REO, and other frauds involving Fannie Mae financial instruments. Perform highly complex duties related to planning, conducting, and documenting inquiries into allegations of mortgage fraud. Reconcile fraud risk or recommend investigation. Utilize wide-ranging experience to conduct research and problem-solving on highly significant matters. Prepare and review complex reports.
Meanwhile, three Democrats are conspiring together with Attorney General Eric Holder to identify actions that will be taken to combat fraudulent mortgage practices.
"This report calls into question the Department's commitment to investigate and prosecute crimes such as predatory lending, loan modification scams, and abusive mortgage servicing practices," the three lawmakers wrote of the report released last week by the Justice Department's inspector general.
But despite the regulators cautionary measures, Fannie Mae is on the hunt of a investigator of its own. Do you think you can make a difference and take up the job position?