Wells Fargo Argues Government Trying to Sue Them for Conduct Covered in Foreclosure Fraud Settlement

By: Thursday November 1, 2012 2:47 pm

Put this one in the “what you reap is what you sow” file. A few weeks ago, the US Attorney for the Southern District of New York sued Wells Fargo for collecting insurance on FHA loans that were improperly underwritten. This mirrored several other cases out of SDNY, and charged that Wells Fargo gained the [...]

Bank of America Cuts Off Fannie Mae

By: Friday February 24, 2012 6:18 am

Bank of America, seeking to punish those who want to hold them accountable, will stop selling new mortgages to Fannie Mae, something that Fannie is supposed to be hurt by, I guess. Notice the lack of the words “Freddie Mac” in that last sentence I wrote. The latest move represents a major escalation in a [...]

Liability Release on Foreclosure Fraud Settlement Narrow, But a Host of Questions Remain

By: Friday January 27, 2012 11:01 am

Former Obama Administration transition official Mike Lux was the first to report that the liability release on foreclosure fraud “looks tight.” In other words, the release is limited to mostly post-crisis conduct, basically robo-signing and servicer abuse. Private right of action would still be available under any settlement – Attorneys General cannot stop the right [...]

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 [...]

How the Schneiderman Panel Could Work

By: Thursday January 26, 2012 7:35 am

I got a lot of response to my post on the new federal financial fraud unit (not to be confused with the old financial fraud unit) looking into mortgage origination and securitization abuses. I criticized New York Attorney General Eric Schneiderman for walking into a bear trap, as co-chair of a panel where three of [...]

There’s Already a Financial Fraud Task Force

By: Wednesday January 25, 2012 10:57 am

I have some additional reporting on the financial fraud unit that will be co-chaired by Eric Schneiderman, and how he will approach it. But before I get to that, I want to pick up on something that came up when I appeared on Sam Seder’s Majority Report radio program today. The thing is, and this [...]

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