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.
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PPACA provided additional tools for the whistleblower by amending the FCA, and did so on the heels of amendments made the previous year through the enactment of the Fraud Enforcement and Recovery Act of 2009 (FERA).
It hasn't been in the news recently, but the Fraud Enforcement and Recovery Act of 2009 (FERA) provided a renewed focus on federal efforts to investigate and prosecute mortgage frauds against lenders, and encouraged law-enforcement agencies to create or strengthen existing partnerships to accomplish those tasks.
"While we've always been involved in mortgage fraud cases, the Fraud Enforcement and Recovery Act authorized the Service to become much more aggressive against criminally minded individuals and groups who target that infrastructure," he adds.
Fraud Enforcement and Recovery Act of 2009: Greatly expands False Claims Act liability and infuses government fraud-fighting agencies with another $490 million for fraud enforcement.
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.
A ranging attempt to confront mortgage lending issues, ramp up financial fraud enforcement, administer TARP funds and tighten the screws on false claims, the Fraud Enforcement and Recovery Act (FERA), enacted in May, is a bit of a Frankenstein's monster.
The Senate bill, called the Fraud Enforcement and Recovery Act (S.386), passed by a vote of 92-4 on April 28.
The Fraud Enforcement and Recovery Act authorizes $547 million for the Justice Department, Housing and Urban Development, Postal Service, Homeland Security Department's Secret Service and the Securities and Exchange Commission to investigate and prosecute mortgage fraud.
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