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DOJ Catch of The Week -- Deutsche Bank And Credit Suisse

Posted  01/20/17
By the C|C Whistleblower Lawyer Team This week's Department of Justice "Catch of the Week" is shared between Deutsche Bank and Credit Suisse.  On Tuesday, the two European-based banking giants agreed to pay more than $12 billion between them to resolve charges they misled investors in the packaging, securitization, marketing, sale and issuance of residential mortgage-backed securities (RMBS) in the years leading...

Top-10 DOJ Mortgage Fraud Recoveries For 2016

Posted  01/4/17
By the C|C Whistleblower Lawyer Team Here is our look-back at the top-10 Department of Justice mortgage fraud recoveries for 2016.
  1. United Shore Financial Services -- The company agreed to pay $48 million to resolve allegations it violated the False Claims Act by knowingly originating and underwriting mortgage loans insured by the U.S. Department of Housing and Urban Development’s (HUD) Federal Housing...

In Their Own Words -- McQuade

Posted  12/29/16

-- “When lenders breach their duty of due diligence and make risky loans that go bad, taxpayers pay the bill.”

U.S. Attorney for the Eastern District of Michigan Barbara L. McQuade, commenting on a recent FCA settlement involving the knowing origination and underwriting of FHA-insured mortgage loans that failed to meet applicable requirements. Read more here.

DOJ Catch Of The Week -- Regions Bank

Posted  09/16/16
By the C|C Whistleblower Lawyer Team This week's Department of Justice "Catch of the Week" goes to Regions Bank.  On Tuesday, the Birmingham-based bank agreed to pay $52.4 million settle charges that it violated the False Claims Act by knowingly originating and underwriting mortgage loans insured by the Department of Housing and Urban Development’s (HUD) Federal Housing Administration (FHA) that did not meet...

DOJ Catch Of The Week -- M&T Bank

Posted  05/13/16
By the C|C Whistleblower Lawyer Team This week's Department of Justice "Catch of the Week" goes to Buffalo, New York-based M&T Bank Corp.   Today, the bank agreed to pay $64 million to settle charges it violated the False Claims Act by knowingly originating and underwriting mortgage loans insured by the Department of Housing and Urban Development’s (HUD) Federal Housing Administration (FHA) that did not meet...

Despite A Recent Ninth Circuit Decision, The Law Still Applies To Government-Sponsored Entity Cases

Posted  03/17/16
By Anne Hayes Hartman Two co-whistleblowers lost their bid before the Ninth Circuit last month to proceed with a False Claims Act case alleging that mortgage lenders and servicers defrauded Fannie Mae and Freddie Mac. Those who brought the case (the relators) alleged that the lenders and servicers (the defendants) violated the FCA by falsely ­certifying that loans purchased by Fannie and Freddie were free and...

DOJ Catch of the Week -- Morgan Stanley

Posted  02/12/16
By the C|C Whistleblower Lawyer Team This week's Department of Justice "Catch of the Week" goes to Morgan Stanley.  Yesterday, the company agreed to pay a $2.6 billion penalty "for misleading investors about the subprime mortgage loans underlying the securities it sold" in the period leading up to the financial crisis.  As part of the agreement, Morgan Stanley admitted that it failed to disclose critical...

State Enforcement Spotlight – HSBC

Posted  02/8/16
By the C|C Whistleblower Lawyer Team This State Enforcement Spotlight features HSBC. On Friday, Attorney General Eric Schneiderman announced a $470 million joint state-federal settlement with mortgage lender and servicer HSBC to address mortgage origination, servicing, and foreclosure abuses. The terms will prevent past foreclosure abuses, such as robo-signing, improper documentation and lost paperwork. See NY AG...

Industry Experts Blow the Whistle on RMBS Fraud, Help Virginia Recover $63 million

Posted  01/26/16
By Tim McCormack On January 22, 2016, the Virginia Attorney General announced that the Commonwealth had settled a suit brought under the Virginia False Claims Act (FCA) (formally known as the Virginia Fraud Against Taxpayers Act) against 11 banks for misrepresentations made in connection with the sale of residential mortgage-backed securities to the Commonwealth and the Virginia Retirement System (VRS).  The...

Top-10 DOJ Mortgage Fraud Settlements For 2015

Posted  01/8/16
By the C|C Whistleblower Lawyer Team Here is our look-back at the top-10 Department of Justice mortgage fraud settlements in 2015.      10.  WALTER INVESTMENT -- Walter Investment Management Corp. agreed to pay $29.6 million to resolve allegations that, through its subsidiaries, Reverse Mortgage Solution, REO Management Solutions and RMS Asset Management Solutions, it violated the False Claims Act in...

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