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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.

The lender and its GreenPoint Mortgage unit received the requests last year, McLean, Va.-based Capital One said today in its annual filing with the Securities and Exchange Commission.

The Residential Mortgage-Backed Securities Working Group, which pulled together the Justice Department and state attorneys general to bring cases, is among regulators and law enforcement agencies seeking information from Capital One, according to the filing. JPMorgan Chase & Co. agreed last year to a $13 billion accord over allegations it misled investors and the public when it sold bonds backed by faulty home loans.

Capital One, led by Chief Executive Officer Richard Fairbank, said in the filing that it’s “cooperating with these regulators and other authorities in responding to such requests.”

GreenPoint, the lender acquired by Capital One as part of its 2006 purchase of North Fork Bancorp, was sued last year over about $400 million in losses on mortgage-backed securities by trustee U.S. Bancorp. Greenpoint mortgage loans sold to Lehman Brothers Holdings Inc. and bundled into securities were riskier than the lender represented, the trustee said in a July 9 complaint in Manhattan federal court.

The Obama administration set up the RMBS working group in 2012 to coordinate a crackdown on deceptive underwriting practices that contributed to the financial crisis. The six biggest U.S. banks, led by New York-based JPMorgan and Charlotte, N.C.-based Bank of America Corp., have piled up more than $100 billion in legal costs since the crisis.


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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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