The Residential Mortgage-Backed Securities (RMBS) Working Group unveiled a new website on Thursday to enable “whistleblowers” to report mortgage-backed securities (MBS) related misconduct. The group also announced the creation of a new team to coordinate various securities-related investigations around the country.
The Working Group is part of the Financial Fraud Enforcement Task Force (FFETF) created in January to address fraud leading to the financial crisis. The group is led by five co-chairs representing the civil and criminal divisions of the Department of Justice, the Securities and Exchange Commission, and two attorneys general from New York and Colorado. According to a press release, the working group and its members are focused on investigating potential false or misleading statements, deception or other misconduct by market participants in the creation, packaging and sale of mortgage-backed securities.