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130 Banking L.J. 316 (2013)
Restitution for Federal Crimes: Will Mortgage Criminals Pay for the Real Estate Bubble

handle is hein.journals/blj130 and id is 326 raw text is: RESTITUTION FOR FEDERAL CRIMES: WILL MORTGAGE CRIMINALS PAY FOR THE REAL ESTATE BUBBLE? MORGAN CLEMONS The author explores a circuit split with respect to the amount payable under the Mandatory Victims Restitution Act to victims of mortgage fraud. hould lenders bear the risk of the mortgage crisis? Should lenders bear the risk of mortgage fraud? According to the Seventh Circuit, the ques- tion is one in the same as the mortgage crisis was caused by mortgage fraud.' As a result, criminals and mortgage fraud perpetrators must bear the risk by paying the resulting losses.2 On September 14, 2012, the Seventh Circuit issued its opinion in United States v. Robers, which dealt with the Mandatory Victims Restitution Act.3 Robers was a straw buyer in real estate transactions in which he misrepresented his income as well as his intention to occupy (more than one) property as a primary residence.4 The two property loans extended to Robers went into default and caused losses to both lenders and mortgage insurers.5 The Mandatory Victims Restitution Act (MVRA) calls for mandatory restitution to victims of crimes against property.6 The MVRA requires a res- titution amount equal to the value of the property on the date of the loss less the value (as of the date the property is returned) of any part of the property Morgan Clemons is the non-depository financial institutions attorney at the Georgia Department of Banking and Finance. Her work focuses on regulating large lenders, brokers, and money service businesses. She previously worked as a staff attorney for the 11 th Circuit Court of Appeals. Ms. Clemons may be reached at mclemons@dbf.state.ga.us. 316

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