In testimony last week before the House Financial Services Committee, Federal Deposit Insurance Corporation Vice Chairman Martin Gruenberg called for those responsible for the current housing crisis to be held accountable.

Gruenberg noted that there are currently 4,375 mortgage fraud claims under investigation and an additional 900 civil mortgage fraud lawsuits are expected to be filed over the next three years.

The FDIC representative informed the committee that defendants in civil lawsuit cases have primarily been mortgage brokers, appraisers, closing attorneys and other closing agents, as well as title companies, title insurance companies, and other third parties that participated in mortgage fraud against FDIC-insured banks and thrifts.

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To view Gruenberg’s testimony in its entirety, visit: www.house.gov/apps/list/hearing/financialsvcs_dem/fdic_-_gruenberg.pdf.