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DOJ to File Criminal Charges Against Wall Street Firms for White Collar Crimes

Department of Justice Investigating White Collar Crimes, Could File Criminal Charges Against Wall Street Execs Attorney General Eric Holder announced on Wednesday, September 17th, that the Department of Justice would launch criminal fraud investigations against several Wall Street firms for white collar crimes and mortgage fraud that led to the … [Read more...]

Bank of America Agrees to Record Mortgage Fraud Settlement

Justice Department and Bank of America Agree to  $17 Billion Mortgage Fraud Settlement Bank of America agreed to a mortgage fraud settlement on mortgage fraud charges brought by the US Department of Justice for $17 billion, a historic settlement amount against a large bank. The mortgage fraud settlement resolves mortgage fraud charges stemming … [Read more...]

Mortgage Fraud Penalty Against Bank of America is $1.3 Billion

Bank of America Ordered to Pay $1.3 Billion for Mortgage Fraud On Wednesday, July 30th, a federal jury ruled that Bank of America would pay $1.27 billion in civil penalties for mortgage fraud and bad home loans sold to Fannie Mae and Freddie Mac, which in part triggered the Great Recession in 2008. In October last year, the jury ruled that Bank … [Read more...]

Citi to Pay $7 Billion in Mortgage Fraud Settlement

CitiGroup, DOJ, Settle Mortgage Fraud Claims for $7 Billion CitiGroup and the US Department of Justice have settled mortgage fraud claims on Monday, July 14th, with the bank agreeing to pay $7 billion. The company agreed to the settlement with the DOJ to settle claims that it backed bad mortgages during the lead-up to the financial crisis in … [Read more...]

US Criticized for Failing to Prosecute Mortgage Fraud

Federal Government Failed to Prosecute Mortgage Fraud The Justice Department’s internal watchdog group reported on Thursday, March 20th, that the federal government failed to crack down on mortgage fraud, although President Obama stated four years ago that it was his administration’s top priority. The report, issued by the DOJ’s inspector … [Read more...]

Seven in California Arrested for Mortgage Fraud

Seven Suspects Arrested in $6.2 Million Mortgage Fraud Scheme In a press release from California Attorney General Kamala Harris, seven suspects have been arrested for their involvement in a mortgage fraud scheme that defrauded more than 1,550 homeowners across the state, who sought loan modification services during the foreclosure crisis. The … [Read more...]

JPMorgan Chase to Pay $614 Million for Mortgage Fraud

JPMorgan Chase Settles Mortgage Fraud Lawsuit with $614 Million On Tuesday, February 4th, JPMorgan Chase & Co settled the latest mortgage fraud lawsuit with the US government for $614 million. The mortgage fraud lawsuit claimed that JP Morgan Chase defrauded the US government and federal agencies by underwriting substandard mortgage loans. As … [Read more...]

Miami Sues Three Banks for Predatory Lending Practices

Miami Sues Three Major Banks for Alleged Predatory Lending and Mortgage Fraud Practices The City of Miami has issued a lawsuit against three major banks for alleged predatory lending practices and mortgage fraud in poor areas of the city. The lawsuit has been filed against Bank of America, CitiGroup, and Wells Fargo. Court papers were filed at … [Read more...]

Bank of America Found Guilty of Mortgage Fraud

Bank of America and Subsidiaries Found Guilty by Federal Jury of Mortgage Fraud A federal grand jury has found Bank of America and its subsidiary Countrywide guilty of mortgage fraud, which triggered the recession that started in 2008. The US Justice Department argued that Countrywide, which was purchased by Bank of America in 2008, … [Read more...]

Charleston, SC Man Pleads Guilty in Mortgage Fraud Case

Mortgage Fraud Case in Charleston, SC Federal prosecutors charged a man from North Charleston with mortgage fraud over dozens of properties, selling for about $45 million in total. Prosecutors say there were 86 fraudulent sales, and orchestrated losses from the scheme totaled $20 million. Scott Wickerman committed the mortgage fraud between 2006 … [Read more...]

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