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March 2014 Article Archive

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Freddie Mac Announces Settlements Totaling Approximately $5.1 Billion With Bank of America
sys-con.com | March 31, 2014
(Marketwired) -- 03/26/14 -- Freddie Mac (OTCQB: FMCC) today announced that, in conjunction with Fannie Mae and FHFA, it has entered into an agreement with Bank of America to settle claims related to investments by Freddie Mac and Fannie Mae in certain residential non-agency mortgage-related securities originated, issued or underwritten by Bank of America and certain affiliates.
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BofA Settlement: $9.5B to Settle Fannie Mae and Freddie Mac Claims
personalliberty.com | March 31, 2014
Bank of America agreed Wednesday to pay $9.5 billion to settle claims by government-sponsored mortgage finance giants Fannie Mae and Freddie Mac. The settlement is compensation the two lenders demanded in exchange for losses on securities backed by faulty loans during the housing boom.
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Freddie Mac: Fla. Most-improved State in Past Year
personalliberty.com | March 31, 2014
For the next several weeks, HuffPost will be cross-posting "Foreclosure Horror Stories" from the Home Defenders League's "100 Stories Of What Wall Street Broke" series, which is collecting first-person accounts from homeowners around the country.
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Congressional Democrats Want Meeting With Attorney General On Mortgage Fraud Enforcement
jdsupra.com | March 31, 2014
On March 17, Senator Elizabeth Warren (D-MA) and Representatives Elijah Cummings (D-MD) and Maxine Waters (D-CA) sent a letter requesting a meeting with Attorney General Eric Holder to review the findings of a recent report on the DOJ’s mortgage fraud enforcement efforts.
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Government Backing for Toxic Mortgage Securities? The Economic Scam of the Century
personalliberty.com | March 31, 2014
The leaders of the U.S. Senate Banking Committee, Sen. Tim Johnson (D., S.D.) and Sen. Mike Crapo (R., Idaho), released a draft bill on Sunday that would provide explicit government guarantees on mortgage-backed securities (MBS) generated by privately-owned banks and financial institutions.
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Audit Reveals DOJ Unable, Unwilling to Address Mortgage Fraud
miamiforeclosurelawyerblog.com | March 31, 2014
In the six years since the housing market crash and subsequent financial crisis, the U.S. Department of Justice has been challenged on its response, which has largely lacked any significant criminal prosecution.
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Foreclosure Horror Story: Bank Of America Mortgage Modification Allegedly Goes Wrong
huffingtonpost.com | March 27, 2014
For the next several weeks, HuffPost will be cross-posting "Foreclosure Horror Stories" from the Home Defenders League's "100 Stories Of What Wall Street Broke" series, which is collecting first-person accounts from homeowners around the country.
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Bank of America to Pay $9.3 Billion to Settle Mortgage Bond Claims
reuters.com | March 27, 2014
(Reuters) - Bank of America agreed to pay $9.3 billion to settle claims that it sold Fannie Mae and Freddie Mac faulty mortgage bonds, helping the bank to end one of the largest legal headaches it still faced from the financial crisis.
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Hamid v. OCWEN Loan Servicing LLC (FLSD)
stopforeclosurefraud.com | March 27, 2014
Ocwen by all accounts is only a servicer and never has been a lender notwithstanding its prior assertions in court, which many judges have rubber stamped and now wish they didn’t.
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Chase Bank Accused of Robo-Signing Credit Card Collections
lowcards.com | March 25, 2014
Robo-signing exploded onto the news during the housing crisis when banks were accused of automatically signing default papers without properly reviewing them. Now, the robo-signing controversy is spilling over to another financial product--credit cards.
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Wells Fargo LO Admits Role in $40 Million Mortgage Fraud Conspiracy
nationalmortgageprofessional.com | March 23, 2014
An Ocean County, N.J.  man admitted his role in a $40.8 million mortgage fraud conspiracy in which he used his position as a loan officer of Wells Fargo Home Mortgage Inc. to get the company to release more than $4.6 million based on fraudulent mortgage loan applications, U.S. Attorney Paul J. Fishman announced. Robert Serao of Bayville, N.J. pleaded guilty before U.S. District Judge Joseph E. Irenas in Camden federal court to count one of an indictment charging him with conspiracy to commit wire fraud. He is the 10th defendant to plead guilty in the case.
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Royal Bank of Scotland Ordered to Face Fraud Claims
bloomberg.com | March 23, 2014
Royal Bank of Scotland Group Plc, Britain’s biggest taxpayer-owned lender, must face a lawsuit by a bond insurer over what it claims was the bank’s sale of $1.15 billion of securities backed by “thousands of defective and fraudulently originated” home loans.
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Despite Promises To Fight Mortgage Fraud, DOJ Basically Ignored It, Then Claimed Success With Faulty Stats
bloomberg.com | March 23, 2014
A few months ago, we noted that the FBI had quietly admitted that its primary function was no longer law enforcement (as it was supposed to be), but rather "national security." Because fighting terrorism is hot. Putting bankers destroying the economy in jail? Not hot. As we noted at the time, the numbers showed that the FBI was putting a huge part of its budget towards "counterterrorism" (potentially doing much more to destroy your civil liberties than the NSA) and its efforts to take down white collar crime was dropping significantly.
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FTC to Sue Payday Lender Claiming Tribal Affiliation; Previously Settled Collection Charges
insidearm.com | March 23, 2014
U.S. District Judge Gloria M. Navarro handed the Federal Trade Commission a significant victory in its crackdown on deceptive payday lenders, affirming a magistrate judge’s finding that the defendants in its AMG Services case are within the reach of FTC enforcement actions, even if they are affiliated with American Indian tribes.
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HARP Mortgage Program Nears Its Expiration Date; Millions Of Homeowners Still Eligible For Low Rates
themortgagereports.com | March 23, 2014
Millions of underwater U.S. homeowners are eligible to refinance -- yet few are taking advantage of today's low rates. If you're current on your mortgage and have a mortgage backed by Fannie Mae or Freddie Mac, there’s a program to help you lower your mortgage rate and payment. It’s called HARP mortgage program and more than 3 million U.S. homeowners have used it already.
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NAR President: "We want GSE reform to take place now"
housingwire.com | March 23, 2014
Freddie Mac and Fannie Mae reform talk is not only on the table, but it is at the top of the pile for discussion. “For years now there has been talk about the need for GSE reform,” said Steve Brown, president of the National Association of Realtors, in an interview with HousingWire. “Prior to the Great Recession, there were probably very few Realtors who understood what a government-sponsored enterprise was. They knew there was a Freddie and a Fannie, but they did not totally understand it since it was always there.”
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Mortgage Fraud Whistleblower Receives $64 Million Award
jdsupra.com | March 23, 2014
On March 7, the U.S. District Court for the Southern District of New York approved a stipulation and order awarding nearly $64 million to the relator in a mortgage fraud case recently settled by the federal government. Pursuant to that settlement, a mortgage lender agreed to pay a total of $614 million to resolve allegations that it violated the False Claims Act by submitting false loan-level certifications that fraudulently induced HUD and the Department of Veterans Affairs to insure ineligible mortgage loans.
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Illinois Attorney General Lisa Madigan uses Dodd-Frank Act to sue Chicago-area lender
washingtonexaminer.com | March 23, 2014
CHICAGO (Legal Newsline) – Illinois Attorney General Lisa Madigan filed a lawsuit on Wednesday against a Chicago-area short-term lender that allegedly sold a loan meant to evade state reforms.
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Fannie and Freddie Negative Outlook Upgraded at Fitch
seekingalpha.com | March 23, 2014
The move comes following Fitch earlier today returning the outlook on the U.S. government's AAA rating to stable from negative. "The housing GSEs are among the most active issuers in the capital markets, benefiting from meaningful financial support from the U.S. government."
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The American Dream: Does It Still Include Owning a Home?
nbcnews.com | March 23, 2014
Even after a devastating housing and mortgage crash that resulted in millions of foreclosures and trillions of dollars of home equity lost, the majority of Americans have not given up the idea that home ownership represents their economic dream.
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Feds put out False Stats on Mortgage Fraud
mcall.com | March 23, 2014
In front of news cameras, federal authorities have talked tough about combating mortgage fraud. But behind closed doors, some FBI offices didn't even list mortgage fraud as a top priority, and the Department of Justice repeatedly promoted inflated statistics about one crackdown, says a recent audit that challenges the government's fraud-fighting claims.
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Loan Auditor Jobs
careerbuilder.com | March 23, 2014
Click here to view Loan Auditor jobs at CareerBuilder.com.
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Mortgage Dispute Case Total Mounts
theherald.com.au | March 23, 2014
A CHARLESTOWN woman says the “huge response” to her call for a royal commission on mortgage fraud and sub-prime loans shows the problem is far greater than authorities will acknowledge.
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Deutsche Bank Fails to End Four U.S. Lawsuits over Soured Mortgages
chicagotribune.com | March 21, 2014
NEW YORK (Reuters) - Deutsche Bank AG has failed to win the dismissal of four U.S. lawsuits seeking to force it to pay damages or buy back troubled home loans it had packaged into residential mortgage-backed securities prior to the 2008 financial crisis.
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BofA Gave Bonuses to Foreclose on Clients, Lawsuit Claims
bloomberg.com | March 20, 2014
Bank of America Corp. (BAC), the second-biggest U.S. lender, rewarded staff with cash bonuses and gift cards for meeting quotas tied to sending distressed homeowners into foreclosure, former employees said in court documents.
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Did Wells Fargo Create Bogus Foreclosure Document Manual?
housingwire.com | March 20, 2014
Wells Fargo (WFC) is being accused of developing a 150-page manual for generating bogus mortgage documents to justify home foreclosures, according to a lawsuit filed in federal court in New York last week.
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NY State Regulators Eyeing Wells Fargo Foreclosure Manual
nypost.com | March 17, 2014
New York Attorney General Eric Schneiderman and three major regulators are investigating allegations made in a federal court case that Wells Fargo has set up detailed internal procedures to fabricate foreclosure papers on demand.
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Lawsuit Accuses Chase of Illegally Winning Default Judgments
collectionscreditrisk.com | March 17, 2014
JPMorgan Chase illegally won thousands of default judgments in credit card collection lawsuits by robosigning affidavits, according to a class action lawsuit filed in the U.S. District Court for the Southern District of Florida.
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Help Me Change the World
stayinmyhome.com | March 17, 2014
“Change the world.”  I know what you’re thinking – “Stopa is swinging at windmills again.”  Look … I know it’s a cliché, and yes, ”changing the world” sounds impossibly optimistic.  But if you never read another blog from me again, please … read this one.
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Justice Dept. Faulted in Mortgage Fraud Probes
realtormag.realtor.org | March 16, 2014
A new report accuses the Department of Justice of failing to make mortgage fraud a priority – despite public comments that it would – and for overstating the success of its mortgage fraud program.
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How Jefferies' Compliance Failed in Mortgage Fraud Case
housingwire.com | March 16, 2014
The Securities and Exchange Commission charged global investment bank and brokerage firm Jefferies & Co. on Wednesday with failing to supervise its employees on its mortgage-backed securities desk who were lying to customers about pricing.
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Much Bank Crime, Little Punishment
consortiumnews.com | March 16, 2014
Wall Street banks made a bundle on securitized subprime mortgages until the bubble began to burst in 2007 inflicting devastating harm on average people around the world. Yet, despite government rhetoric to the contrary, the key culprits have escaped punishment, writes Danny Schechter.
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Suit Claims Bank Cannot Foreclose
nationalmortgagenews.com | March 16, 2014
LIHUE — A Koloa couple is asking the court to rule that a bank cannot foreclose on a home when the mortgage was securitized and no longer in the lender’s possession.
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Class Accuses Chase Bank of Robosigning
courthousenews.com | March 14, 2014
MIAMI (CN) - Chase Bank illegally won thousands of default judgments in credit card debt collection lawsuits by robosigning affidavits, a RICO class action claims.
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Why Prosecutors Whiffed on Subprime Crime
bloombergview.com | March 14, 2014
One of the great “mysteries” of the post-financial-crisis era is why there has been almost no prosecution of obvious criminality, particularly in the mortgage business. We have been told it is more complex than it appears; that the securitization process has made determining exactly who was harmed complicated; that this complexity makes convincing a jury a crapshoot.
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Nevada Foreclosure Rate Drops to No. 3 in US
businessweek.com | March 14, 2014
LAS VEGAS (AP) — Nevada's foreclosure rate was third in the nation in February after falling behind Florida and Maryland in the rankings.
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U.S. Bank enter Robosigning Hall of Shame
sanduskyregister.com | March 13, 2014
Two years ago, the Nation’s five largest loan servicers admitted to using “robosigning” practices in pushing foreclosures through the court system in their rush to foreclose. Those servicers, Bank of America, JP Morgan Chase, Citibank, Wells Fargo and GMAC (now out of the servicing business), fessed up to their indiscretions by agreeing to pay $25 Billion in mortgage relief to homeowners victimized by their fraudulent practices.
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Jefferies Investigated By SEC For Mortgage Security Fraud
valuewalk.com | March 13, 2014
The federal investigations into possible mortgage securities fraud in the 2007-2010 period continue, and are not limited to financial institutions. The Securities and Exchange Commission announced today that they have expanded their investigation into alleged fraud over mortgage-backed securities at Jefferies Group LLC (NYSE:JEF). The SEC claims Jefferies inadequately supervised its mortgage-backed securities traders during the financial crisis of 2008 to 2011.
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Former Glassboro Banker Sentenced for $3 Million Bank Fraud Scheme
loansafe.org | March 13, 2014
(Source: FBI) – Daniel Mumbower, 35, a former banker, of Glassboro, New Jersey, was sentenced today to 41 months in prison for two counts of bank fraud and one count of receiving bribes by a bank employee for his role in a scheme that defrauded lenders of nearly $3 million. U.S. District Court Judge C. Darnell Jones, II, also ordered three years of supervised release, a $300 special assessment, restitution of $2,718,758, and forfeiture of $2,516,317.
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PIMCO Cuts Mortgage-backed Securities Holdings
housingwire.com | March 13, 2014
PIMCO, the world's largest bond fund is moving away from its investments in mortgage-backed securities and U.S. government-related holdings, presumably its major Treasury holdings.
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Moody's: First Rental Securitization Doing Pretty Good
housingwire.com | March 13, 2014
Moody's Investors Service, which awarded a sterling Triple-A to Invitation Homes' inaugural REO-to-rental is reporting that the performance is within expectations.
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Prefunding Quality Control Audits
nationalmortgageprofessional.com | March 12, 2014
Question: Our company recently commenced requiring prefunding quality control (QC) audits which requires substantial manpower. I have heard conflicting views on whether prefunding quality control audits are required by Fannie Mae and/or HUD. Can you clarify the prefunding requirement for me?
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Mapping Real Estate Foreclosure Data Across the US
blog.maponics.com | March 12, 2014
As the U.S. housing market slowly rebounds, foreclosure rates are continuing to fall. However, recent data suggests that improvement is slowing.
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Obama Unlikely to Settle Fannie and Freddie Lawsuits: Nader
thestreet.com | March 12, 2014
NEW YORK (TheStreet) -- The Obama Administration is unlikely to try and settle shareholder lawsuits over Fannie Mae (FNMA_) and Freddie Mac (FMCC_), notwithstanding the potential for continued embarrassing revelations that could inflict political damage on the President, argues Ralph Nader.
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Will HARP 3.0 Pass in 2014? – LoanLove.com Looks at the Possibilities in a New Guide
digitaljournal.com | March 12, 2014
LoanLove.com is a borrower advice website that provides up to date and in depth information in a format that is valuable to the most experienced home owners while still being accessible to those who are just starting out with applying for their first home purchase loan.
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Undercover Operative in Probe of Alderman's Chief of Staff Testifies in Court in Another Case
chicagotribune.com | March 12, 2014
The undercover informant who secretly recorded meetings with Ald. Howard Brookins as part of an FBI sting testified Monday that he also wore a wire for authorities after his 2008 arrest in a federal mortgage-fraud investigation.
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Freddie Mac Announces Third Multifamily MBS Offering for This Year
loansafe.org | March 12, 2014
(Source: Freddie Mac) – Freddie Mac yesterday announced a new offering of Structured Pass-Through Certificates (“K Certificates”), which are multifamily mortgage-backed securities. The company expects to issue approximately $1.15 billion in K Certificates (“K-037 Certificates”), which are expected to price the week of March 10, 2014, and settle on or about March 25, 2014. This is Freddie Mac’s third K Certificates offering this year.
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Fannie Mae and Freddie Mac: Senate Banking Leaders Reach Deal
valuewalk.com | March 12, 2014
US Senators Tim Johnson (D., S.D.) and Mike Crapo (R., Idaho) have made a new proposal for reforming the US mortgage industry that falls in line with last year’s proposal from Bob Corker (R., Tenn.) and Mark Warner (D., Va.), but getting bipartisan support will be a major problem, reports Nick Timiraos for The Wall Street Journal.
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Mortgage Backed Securities
chapman.com | March 9, 2014
Chapman and Cutler has a long history in mortgage backed financing that began in the mid-1980s and continues today through our representation of mortgage finance companies and banks in connection with their ongoing residential and commercial mortgage securitizations and other mortgage portfolio financings.
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JPMorgan Whistleblower gets $63.9 Million in Mortgage Fraud Deal
chicagotribune.com | March 9, 2014
(Reuters) - A whistleblower will be paid $63.9 million for providing tips that led to JPMorgan Chase & Co's agreement to pay $614 million and tighten oversight to resolve charges that it defrauded the government into insuring flawed home loans.
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Teresa Giudice, Real Housewives Star, Faces Prison for Mortgage Fraud
realtytoday.com | March 9, 2014
Teresa Giudice, who appears in "Real Housewives of New Jersey", and her husband Giuseppe Giudince have pleaded guilty to giving false statements regarding their income during bankruptcy proceedings and now face prison terms.
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Mortgage Bond Trader Convicted of Fraud in Rare Ruling
housingwire.com | March 9, 2014
In the financial services industry, rogue trading individuals are rarely convicted. That fact is of little solace to former mortgage bond trader Jesse Litvak right now.
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Michael Milken: How Housing Policy Hurts the Middle Class
online.wsj.com | March 6, 2014
The American dream traditionally meant that anyone could get ahead based on ability and hard work. But over the past few decades, the United States government created incentives through housing programs and the tax code that changed the dream for many Americans.
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HARP 2.0 Helping California Homeowners Prevent Foreclosures While FHA Assists Boomerang Homebuyers to Buy Again
digitaljournal.com | March 6, 2014
HARP Mortgage Lender (http://www.harpmortgagelender.com) reports that California homeowners are still finding the benefits of the Home Affordable Refinance Program (HARP) to be a great option for lowering mortgage payments.
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Former HUD-OIG Special Agent in Charge Indicted on Mortgage Fraud Charges
mortgagefraudblog.com | March 6, 2014
Herschell Harvell, Jr., 53, Conyers, Georgia, made his initial appearance in federal court on charges of making false statements to a bank to obtain a mortgage loan and conspiring to obstruct an investigation into his real estate transactions by the U.S. Department of Housing and Urban Development, Office of Inspector General (HUD-OIG).
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Why New Jersey is Ground Zero for Foreclosures
cbsnews.com | March 6, 2014
Congratulations, New Jersey. Your job growth is barely moving, your unemployment rate is higher than the national average and your state credit rating is facing another downgrade.
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JPMorgan Chase Engaged in Mortgage Fraud - The Securitization Fraud That Collapsed the Housing Market
nationalmortgagenews.com | March 4, 2014
In a nearly $13 billion settlement with the US Justice Department in November 2013, JPMorganChase admitted that it, along with every other large US bank, had engaged in mortgage fraud as a routine business practice, sowing the seeds of the mortgage meltdown.
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Fraudclosure: Sometimes The Good Guys DO Win!
fedupusa.org | March 3, 2014
A San Luis Obispo County couple has received a million-dollar-plus settlement and title to two houses in a case that is likely to result in more lawsuits by people who lost property to mortgage lenders after the bursting of the housing bubble.
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Capital One Subpoenaed Amid Mortgage-Fraud Investigation
nationalmortgagenews.com | March 1, 2014
Capital One Financial Corp., the bank that gets more than half of its revenue from credit cards, received subpoenas and information requests from U.S. authorities investigating mortgage fraud.
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Yet Another Investor Admits Bid Rigging at Foreclosure Auctions
mortgagefraudblog.com | March 1, 2014
Charles Gonzales, Alamo, California, a Northern California real estate investor, has agreed to plead guilty to his role in conspiracies to rig bids and commit mail fraud at public real estate foreclosure auctions in Northern California.
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