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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...

Tagged in: Catch of the Week, FCA Federal, Housing and Mortgage Fraud,

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...

Tagged in: Catch of the Week, FCA Federal, Financial Institution Fraud, Housing and Mortgage Fraud,

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...

Tagged in: Court Decision, Housing and Mortgage Fraud,

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...

Tagged in: Catch of the Week, Financial and Investment Fraud, Financial Institution Fraud, Housing and Mortgage Fraud, Securities Fraud,

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...

Tagged in: Damages and Penalties, Financial and Investment Fraud, Financial Institution Fraud, Housing and Mortgage Fraud, Securities Fraud,

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...

Tagged in: FCA State, Housing and Mortgage Fraud, Whistleblower Rewards,

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...

Tagged in: Housing and Mortgage Fraud, Top 10,

DOJ Catch of the Week -- Bank of America

Posted 08/22/14

This week's Department of Justice "catch of the week" goes to Bank of America. Yesterday, the North Carolina based banking giant agreed to pay $16.65 billion to resolve federal and state mortgage fraud claims against the bank and its former and current subsidiaries, including Countrywide Financial Corporation and Merrill Lynch. It is the largest civil settlement with a single entity in American history. See

Tagged in: Catch of the Week, FCA Federal, FIRREA, Housing and Mortgage Fraud,

The Billion-Dollar Mortgage Fraud Club – New Members Welcome!

Posted 08/7/14

By Gordon Schnell Apparently, Bank of America is close to inking a deal with the government under which it would pay about $17 billion to settle charges of its mortgage machinations in the run-up to the financial crisis. If finalized, BofA would be just the latest big bank to cement its membership in the Billion Dollar Mortgage Fraud Club. Some of the other major banks that make up this elite assemblage, and...

Tagged in: Financial Institution Fraud, Housing and Mortgage Fraud,

Banks Put Up Over $20 Billion in One Day to Settle Charges of Mortgage and Foreclosure Abuses, But is it Enough?

Posted 01/16/13

By Jason Enzler Last week, the Federal Reserve and the Comptroller of the Currency announced that ten banks have agreed to an $8.5 billion settlement to resolve allegations of foreclosure abuses. The banks, which include Bank of America, JP Morgan Chase, Wells Fargo, and Citigroup, agreed to pay $3.3 billion directly to eligible borrowers and an additional $5.2 billion in other relief, such as loan...

Tagged in: Financial Institution Fraud, Housing and Mortgage Fraud,

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