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Bank, Government Unlikely to Reach Settlement Over Mortgage Fraud Claims

  

dsnews.com | November 24, 2014 

By Tory Barringer

Settlement talks between Wells Fargo and the U.S. government over alleged mortgage insurance fraud have stalled, according to a media report.

According to a report from Bloomberg, lawyers for both sides told a judge on Tuesday they’re doubtful about the chances of reaching an agreement on a suit alleging the bank fraudulently submitted loans for insurance through the Federal Housing Administration (FHA).

The suit, brought against Wells Fargo in 2012, claims the megabank took advantage of its participation in an FHA insurance program to certify ineligible loans without needing approval from the agency. When those mortgages went under, the resulting defaults cost the program hundreds of millions of dollars, the government says.

Citing an unnamed source, Bloomberg reports attorneys for both the United States and Wells Fargo said a settlement seems out of reach at this point, even after months of settlement talks.

In a statement to Bloomberg, Wells Fargo spokesperson Tom Goyda said, “Our good-faith efforts to work with the federal government on a possible resolution of the complaint have not yet resulted in a settlement. We will move forward with presenting our case in support of our prudent and responsible FHA lending practices.”

A spokesperson for U.S. Attorney Preet Bharara, whose office is pursuing the case, declined to comment.

 

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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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