Tag Archive

NY mortgage fraud may top $100M

Published on September 1, 2013 By admin

The following article is brought to you by CATHERINE CURAN at NYPost.Com New York City and state have suffered massive mortgage-document fraud, with damages potentially exceeding $100 million. That’s the explosive allegation by whistleblower Lynn Szymoniak and her legal team, whose lawsuit against two-dozen major banks and mortgage servicers alleging violations of the False Claims […]

Banks Win Reprieve on Home Equity Loans in Settlement

Published on February 29, 2012 By admin

The following article is brought to you by Kathleen M. Howley at Bloomberg.Com. Bank of America Corp. (BAC), Wells Fargo & Co. (WFC) and three other banks that settled a nationwide probe of foreclosure practices this month will get a bonus from the deal: protection for $308 billion of home-equity loans they hold. The banks […]

Banks agree to change mortgage lending practices and offer financial settlement

Published on January 25, 2012 By admin

The following is brought to you by Examiner.Com Bank of America, JPMorgan Chase, Citibank, Wells Fargo, and Ally Financial- the five largest American mortgage lenders- have agreed to make significant changes to their industry practices. Multiple factors have been cited for the financial crisis that began in 2008 and led to millions of home foreclosures, […]

Banks May Fight Banks as Mortgage Securities Investors Seek Class Status

Published on September 10, 2011 By admin

The following is brought to you by Thom Weidlich at Bloomberg.Com. Bank of America Corp. (BAC), JPMorgan Chase & Co. (JPM) and other banks may pay more to resolve claims over their alleged roles in the collapse of a $2.3 trillion mortgage- backed securities market if sophisticated investors are allowed to sue as a group […]

Legal Battle Over Mortgage Sales

Published on September 6, 2011 By admin

The following is brought to you by Philip van Doorn at NuWireInvestor.Com. The U.S. is suing 17 banks, including JPMorgan Chase, Bank of America, Barclays, Citigroup and Goldman Sachs, alleging that securities laws were violated in the sale of mortgage-backed securities to federal agencies such as Freddie Mac and Fannie Mae. The government is seeking […]