Mortgage Lending Enforcement Invokes Old Tool With New Theories

Fried, Frank, Harris, Shriver & Jacobson's William F. Johnson writes that although the Financial Institutions Reform, Recovery and Enforcement Act of 1989, passed at the height of the savings and loan crisis, had been largely idle in the prosecutor's playbook for two decades, new subpoenas reflect a growing trend of increased reliance on the older statute. An examination of these cases raises questions about the government's emerging new theories, which appear to have turned FIRREA on ?its head.

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