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Housing and Mortgage Fraud

This archive displays posts tagged as relevant to housing and mortgage fraud. You may also be interested in the following pages:

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March 26, 2015

Pinnacle Financial Consulting, LLC and its owner Robert Burton have been ordered to pay more than $1.9 million for preying upon vulnerable consumers during the foreclosure crisis and engaging in the unauthorized practice of law. MA

February 5, 2105

A group of Utah-based defendants led by Philip J. Danielson and his company, Danielson Law Group, settled FTC charges that they broke the law by conning consumers into paying hefty fees for worthless mortgage relief services. The five proposed orders settling the FTC’s charges ban the defendants from offering mortgage assistance relief services and from participating in the debt relief industry. According to the FTC, defendants lured consumers into paying $500 to $3,900 by falsely promising that attorneys would negotiate loan modifications that would substantially reduce the consumers’ mortgage payments. The complaint also alleged that the defendants used the name Danielson Law Group and other attorney or law firm names to look like they had lawyers all over the country, even though many consumers never met or spoke to an attorney. FTC

January 21, 2015

New York Attorney General Eric T. Schneiderman joined the SEC and the office of the Massachusetts Attorney General in announcing a settlement with Standard and Poor’s Financial Services LLC regarding false and misleading statements made by S&P in connection with its rating of certain Commercial Mortgage Backed Securities (CMBS). According to the government, from February 2011 to July 2011, S&P loosened the criteria it applied to rate eight CMBS, failed to disclose this fact to investors, and misled market participants into thinking the ratings for their investments were based on more conservative assumptions than was actually the case. Under the settlement, New York will receive $12M in penalties, Massachussetts will receive $7M in penalties, and the SEC will receive $35M in penalties as well as $7M in disgorgement and interest. The SEC also resolved two other matters related to S&P bringing the total government recovery to nearly $80M. NY

January 16, 2015

Massachusetts Attorney General Martha Coakley announced Bank of America, JP Morgan Chase Bank, Citi, and Wells Fargo Bank agreed to pay $2.7M million and undertake obligations to facilitate the repair of defective property titles, resolving claims they violated Massachusetts foreclosure law and the Massachusetts Consumer Protection Act by illegally foreclosing upon Massachusetts residents’ homes when the banks lacked the legal authority to do so. MA

November 6, 2014

Michigan Attorney General announced the distribution of $747,000 from the State’s Foreclosure Scam Restitution Fund to compensate 36 southeast Michigan victims of mortgage modification fraud from Nationwide Consulting, LLC. The operators of the business, Kenneth Sandoval and Zacharia Ortiz were both previously convicted for their role in the scam. MI AG

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...

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...

Wells Fargo Settles for Discriminatory Lending Practices

Posted  07/27/12
By Marlene Koury Wells Fargo has agreed to pay $175 million to settle government charges that it discriminated against qualified African-American and Latino borrowers in its mortgage lending from 2004 through 2009.  The Department of Justice (DOJ) announced the settlement on July 12, 2012, making it the second largest fair lending settlement in the DOJ’s history after its December 2011 settlement with Bank of...
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