Home >> Tag Archives: Fraud (page 3)

Tag Archives: Fraud

BofA Seeks to Overturn Fraud Verdict in ‘Hustle’ Case

Lawyers for Bank of America have filed to overturn a jury verdict last year that held the bank liable for fraud over faulty mortgage-backed securities sold by its Countrywide unit. In their motion, BofA's lawyers argue the government failed to prove the loans involved in the case were advertised as being higher quality than they were.

Read More »

OIG: GSEs Ignored Red Flags in TBW Fraud Scheme

A report filed last week by the Office of Inspector General (OIG) of the Federal Housing Finance Agency (FHFA) states that Freddie Mac and Ginnie Mae ignored "red flags" with regards to a mortgage fraud scheme perpetrated by lenders Taylor, Bean & Whitaker and Colonial Bank. In addition to the losses absorbed by Freddie Mac (almost $2 billion) and Ginnie Mae (almost $1 billion), private banks that conducted business with Taylor Bean lost billions.

Read More »

Atlanta Lender to Pay $19.3M in Alleged Bait and Switch

The Consumer Financial Protection Bureau has targeted an Atlanta-based online lender to pay up for its role in an alleged bait and switch scheme. AmeriSave, its affiliate, Novo Appraisal Management Companies, and the CEO/owner of both companies, Patrick Markert, were penalized for misleading consumers by advertising fraudulent low rates and then failing to honor those rates once the consumers were locked in.

Read More »

Former RMBS Trader Found Guilty in TARP Fraud Case

The Special Inspector General's office for the Troubled Asset Relief Program (SIGTARP) announced the fraud conviction of a former managing director at New York-based Jefferies & Co. According to Special Inspector Christy Romero, Jesse C. Litvak misrepresented asking prices on residential mortgage-backed securities (RMBS), pocketing the profits. "Trading in mortgage securities can be a complicated business, but what the defendant did was simple—he lied to, defrauded, and illegally overcharged customers out of pure greed to benefit Jefferies and himself," Romero said.

Read More »

Subscribe to MDaily

MReport is here for you to stay on top of important developments in the mortgage marketplace. To begin receiving each day’s top news, market information, and breaking news updates, absolutely free of cost, simply enter your email address below.