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Deloitte & Touche Settles FCA Suit for $149.5M

Posted  03/1/18
By the C|C Whistleblower Lawyer Team Deloitte, the world’s largest accounting and consulting company,  has settled allegations arising from its role as an outside auditor of Taylor, Bean & Whitaker Mortgage Corp. (TBW), a failed mortgage broker that issue FHA and HUD secured loans. At one time, TBW was one of the largest privately held mortgage lending companies in the US, issuing over $35B in mortgages in 2007...

Deloitte & Touche Settles FCA Suit for $149.5M

Posted  03/1/18
By the C|C Whistleblower Lawyer Team Deloitte, the world’s largest accounting and consulting company,  has settled allegations arising from its role as an outside auditor of Taylor, Bean & Whitaker Mortgage Corp. (TBW), a failed mortgage broker that issue FHA and HUD secured loans. At one time, TBW was one of the largest privately held mortgage lending companies in the US, issuing over $35B in mortgages in 2007...

$45 Million Multi-State Settlement With PHH Mortgage Corporation

Posted  01/5/18
By the C|C Whistleblower Lawyer Team Forty-nine states and the District of Columbia reached a $45 million settlement with New Jersey-based mortgage lender and servicer PHH Mortgage Corporation. The settlement resolves allegations that PHH, the nation’s ninth largest non-bank residential mortgage servicer, improperly serviced mortgage loans from January 1, 2009 through December 31, 2012. The settlement does not...

Judge Determines that PricewaterhouseCoopers was Negligent in Colonial Bank Auditing Case

Posted  01/3/18
By the C|C Whistleblower Lawyer Team Late last week, a federal judge determined that accounting giant PricewaterhouseCoopers (PwC) was negligent in its auditing of Colonial Bank, the Alabama institution that failed in 2009 in the midst of the financial crisis. Colonial failed as a result of a $2 billion fraud orchestrated by Florida-based mortgage lender Taylor Bean & Whitaker, a major Colonial customer, which was...

IBERIABANK to Pay Over $11.6 Million to Settle False Claims Act Allegations

Posted  12/11/17
By the C|C Whistleblower Lawyer Team The Department of Justice announced Friday that IBERIABANK Corporation agreed to pay $11,692,149 to resolve allegations that they violated the False Claims Act. The allegations centered on certifications of compliance with Federal requirements to obtain insurance on mortgage loans from the Federal Housing Administration. IBERIABANK is a Louisiana corporation that has branches all...

Question of the Week -- Will Banks Ever Be Held Accountable for the Mortgage Crisis?

Posted  10/11/17
By the C|C Whistleblower Lawyer Team The 2008 mortgage crisis is still not behind us.  Last week, The Nation reported that JP Morgan Chase paid off its criminal fine for fraudulent mortgage practices with—amazingly—fraudulent mortgages.  Chase’s negotiated settlement with the Justice Department required the company to forgive billions in mortgage payments.  To make it look like the company had met its...

Texas Mortgage Companies Face $296.3M Judgment Related to Mortgage Fraud

Posted  09/21/17
By the C|C Whistleblower Lawyer Team Allied Home Mortgage, and several other Allied companies, are facing a judgment over fraudulent conduct while participating in the FHA program. In a trial last November, a jury in Houston found that the companies and their CEO violated both the FCA and FIRREA, causing over $92M in single damages to the government. Now a judgment has been ordered by the court which trebled the...

Fraudster of the Week -- Deutsche Bank's Paul Mangione

Posted  09/15/17
On Monday, the Department of Justice filed a civil suit against Paul Mangione, the former Deutsche Bank head of subprime mortgage trading, alleging that he “systematically and intentionally” lied about the quality of subprime mortgages underlying nearly $1.5 billion in mortgage-backed securities in the run-up to the 2008 financial crisis.  Although DOJ has aggressively pursued financial institutions for their...

Mortgage Fraud Whistleblower Gets Over $9 Million

Posted  08/9/17
By the C|C Whistleblower Lawyer Team Yesterday, the U.S. Department of Justice (DOJ) announced a nearly $75 million settlement with PHH Mortgage Corporation regarding the company’s failure to meet origination, underwriting, and quality-control regulations promulgated by Department of Housing and Urban Development’s (HUD) Federal Housing Administration (FHA), the U.S. Department of Veterans Affairs, the Federal...

Royal Bank of Scotland to Pay $5.5 Billion Over Shoddy U.S. Mortgage Practices

Posted  07/12/17
By the C|C Whistleblower Lawyer Team The Federal Housing Finance Agency (FHFA) announced on Wednesday that it had reached a multibillion dollar settlement with the Royal Bank of Scotland (RBS) over its subprime mortgage lending practices leading up to the 2008 financial crisis. In 2011, the FHFA sued eighteen different financial institutions, including RBS, for misrepresenting the quality of mortgage-backed...

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