Forum held to stop financial fraud

April 22, 2010 (CHICAGO)

The president's Financial Fraud Enforcement Task force discussed ways to bring an end to discriminatory lending practices in housing and banking.

Attorney General Lisa Madigan discussed her office's work in pursuing predatory mortgage lending practices against several major banks. She talked about how shady business practices by lenders have devastated families.

"Here in the Chicago area, we were ground zero for sub prime lending, but that ground zero wasn't across the board. The numbers are staggering when you look at the impact sub prime lending had in the African-American community and in the Latino community," said Lisa Madigan, attorney general.

This task force met as President Obama addressed Wall Street to outline his plans to reform the country's financial system.

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