CAP Credits FHA for Its Useful Ignorance, Allowing Mortgage Fraud to Continue

By: Saturday October 13, 2012 10:04 am

I don’t really know what to make of this analysis from the Center for American Progress, alleging that the Federal Housing Administration “saved” the housing market during the downturn. First, a word on what the FHA does. They’re basically a government-run mortgage insurer, backstopping loan losses for private lenders for a nominal fee that borrowers [...]

Credit Reporting Agency Cited for Facilitating Loan Modification Fraud Deals

By: Thursday October 11, 2012 7:45 am

The Federal Trade Commission caught Equifax, one of the three major credit reporting companies, selling their lists of homeowners who made late mortgage payments to a third-party direct marketing specialist. This violates the Fair Credit Reporting Act, and is also about the sleaziest thing you can do – profiting off the financial difficulties of others. [...]

Helpful Facts About the Civil Suit Against Wells Fargo

By: Wednesday October 10, 2012 6:27 am

I mentioned in passing yesterday this federal civil lawsuit against Wells Fargo for its conduct on some FHA loans. “Mentioned in passing” is all that the suit deserved, but I see that the PR shop at DoJ tried to turn this into a big deal, with the media playing along. So maybe I should put [...]

Additional Resources for Financial Fraud Panel Look Light

By: Friday January 27, 2012 7:04 am

In addition to the proposed settlement, there’s news on the Unit on Mortgage Origination and Securitization Abuses front. (As an aside, I don’t know what to call this thing. You could say “Financial Fraud Unit,” but there’s already one of those. The name above is the official title, but it’s a mouthful. You could shorten [...]

More Republicans Found to Have Received Countrywide VIP Loans

By: Wednesday January 18, 2012 10:55 am

Rep. Pete Sessions (R-TX) has become the third House Republican discovered to have received a sweetheart loan as part of Countrywide’s “VIP” program. The program became notorious when conservatives jumped on the revelations that Democrats Chris Dodd and Kent Conrad received cheap loans through it. But it was always clear that influence peddling is a [...]

60 Minutes Shines Spotlight on Persistent Mortgage Fraud

By: Monday December 5, 2011 1:39 pm

If the President wants to show the country that he now wants to give Americans a fair shake and break up the “invisible government” that exists in parallel with Wall Street, he could give a statement on last night’s 60 Minutes story on two whistleblowers at mortgage originators who stand ready to work with the [...]

While Coakley Sues Banks, Treasury Goes After Penny-Ante Mortgage Thieves

By: Thursday December 1, 2011 1:58 pm

Emptywheel got there first, but I wanted to add something. On the same day that Martha Coakley sued five banks for systematically stealing homes, the Treasury Department, the CFPB and the Special Inspector General for TARP have announced a task force. Not to go after those same banks, based on the evidence of systematic fraud. [...]

Chase Banker Unburdens Himself With Lament for Industry Predatory Lending

By: Thursday December 1, 2011 6:53 am

We’re at a point in US history, brought there by Occupy Wall Street, where even Republican Presidential candidates needing a boost in the polls will vow to throw bankers in jail. I don’t expect that they’d actually do it, but this is what they feel they have to say to get elected. And that makes [...]

Federal Regulators Dare to Look Backward, Not Forward at Housing Fraud

By: Thursday September 29, 2011 9:44 am

A couple stories today show regulators engaging in the absolutely shameful tactic of looking backward and not forward when it comes to the systemic fraud in the mortgage market, in the mistaken belief that crimes perpetrated in the past should be punished. I don’t know where they got this idea. First off, the Treasury Department [...]

DoJ Civil Rights Division Investigating Wells Fargo for Mortgage Fraud

By: Wednesday July 27, 2011 10:11 am

Many observers have noted that one of the few bright spots in the Justice Department under Barack Obama has been the Civil Rights division, under the direction of Thomas Perez. They have restored that division to its core mission of protecting minorities. So it’s no surprise that they, not the new financial fraud task force, [...]

Weak Settlements Over Mortgage Abuses Should Give State AGs Pause

By: Thursday July 21, 2011 7:35 am

Two settlements came down yesterday on mortgage-related issues that detail the expected inadequacy of a global settlement among state Attorneys General. First, Countrywide, now part of Bank of America, has finally figured out how to divy up $108 million among borrowers they screwed over. More than 450,000 borrowers who were charged excessive fees by Countrywide [...]

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