Federal Judge 'Affects' Crusade On Bank Fraud

A broad definition of a statute revived from the savings and loan crisis is affirmed in second N.Y. case involving the sale of bad mortgages to Freddie Mac and Fannie Mae


As part of its crusade against bank fraud, the U.S. Attorney's Office in Manhattan in relying on a once-obscure federal statute called the Financial Institautional Reform, Recovery, and Enforcement Act (FIRREA). Interestingly, FIRREA's potency will depend on whether judges give a broad reading to a single word in its text—namely, "affect."

This article has been archived, and is no longer available on this website.

View this content exclusively through LexisNexis® Here

Not a LexisNexis® Subscriber?

Subscribe Now

Why am I seeing this?

LexisNexis® is now the exclusive third party online distributor of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® customers will be able to access and use ALM's content by subscribing to the LexisNexis® services via® and Nexis®. This includes content from The National Law Journal®, The American Lawyer®, Law Technology News®, The New York Law Journal® and Corporate Counsel®, as well as ALM's other newspapers, directories, legal treatises, published and unpublished court opinions, and other sources of legal information.

ALM's content plays a significant role in your work and research, and now through this alliance LexisNexis® will bring you access to an even more comprehensive collection of legal content.

For questions call 1-877-256-2472 or contact us at

What's being said

Comments are not moderated. To report offensive comments, click here.

Preparing comment abuse report for Article# 1202616455792

Thank you!

This article's comments will be reviewed.