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 [...]

The Case of the Cop/President of Mortgage Company

By: Wednesday October 24, 2012 8:30 am

Among the many battles left to fight for the big banks who committed fraud up and down the mortgage market concerns a series of lawsuits against monoline insurance companies, which provided mortgage bond insurance (and paid out billions in claims) during the housing bubble. Like other investors, bond insurers have sued firms which contributed to [...]

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 [...]

FHFA Seeking Treble Damages in Repurchase Cases

By: Friday August 17, 2012 10:15 am

Following up on an earlier item, not only is the Federal Housing Finance Agency becoming more aggressive in its fight with banks over repurchasing billions of dollars’ worth of soured loans, but they are seeking treble damages to boot. Auditors at the Federal Housing Finance Agency are in the process of identifying lenders which sold [...]

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