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Tag Archives: Bank Industry Fraud

CitiMortgage, Inc. to Pay $158.3 Million to Settle Mortgage Fraud Allegations

On February 15, 2012, the United States Attorney’s Office for the Southern District of New York announced yet another case they brought against lenders for mortgage fraud.  CitiMortgage Inc., a subsidiary of CitiBank, has admitted to and accepted responsibility for committing fraud against the Department of Housing and Urban Development (HUD) and the Federal Housing […]

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Bank of America to Pay Government $1 Billion Settlement – The Largest Mortgage Fraud Settlement In The History Of The False Claims Act

On February 9, 2012, the United States Attorney’s Office for the Eastern District of New York announced the largest ever False Claims Act settlement relating to mortgage fraud.  Bank of America, Countrywide Financial Corporation, and other Countrywide subsidiaries have been under investigation since 2009 and were accused of mortgage origination and underwriting fraud.  They have […]

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Wall Street Reform Passes Congress, Increases Whistleblower Protections And Rewards

On July 15, 2010, Congress gave final approval of the Restoring American Financial Stability Act (H.R. 4173).  President Obama is expected to sign the bill into law next week.  The aim of the bill is to transform financial regulation in light of the 2008 financial crisis. The bill contains a number of whistleblower provisions designed […]

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