Fraud Enforcement and Recovery Act of 2009

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Fraud Enforcement and Recovery Act of 2009

Legislation in the United States that allocated more money to various inspection divisions of the federal government with the intention of improving fraud investigations. It also included mortgage lenders for the first time in the definition of financial institution, enabling the government to investigate them for fraud as well. The act was adopted in response to the sub-prime mortgage crisis, which had led to the global financial crisis that began in 2008.
References in periodicals archive ?
In May 2009, President Obama signed the Fraud Enforcement and Recovery Act, which doubled the size of the FBI's mortgage and financial fraud programme.
The Senate bill, called the Fraud Enforcement and Recovery Act (S.
The Helping Families Save Their Homes Act eases program requirements for families seeking mortgage help under the Hope for Homeowners program and the Fraud Enforcement and Recovery Act authorizes new funds to combat mortgage fraud.
He played a leading role in the passage of the Fraud Enforcement and Recovery Act amendments in New York last year, which transformed the New York False Claims Act into the strongest such law in the country.