Fed Audits Accuse 5 Biggest Mortgage Firms Of Defrauding [Foreclosuregate] - MarketTicker Forums


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User Info	Fed Audits Accuse 5 Biggest Mortgage Firms Of Defrauding in forum [Foreclosuregate]
Inez Posts: 360 Incept: 2009-07-08	Quote: WASHINGTON -- A set of confidential federal audits accuse the nation’s five largest mortgage companies of defrauding taxpayers in their handling of foreclosures on homes purchased with government-backed loans, four officials briefed on the findings told The Huffington Post. The five separate investigations were conducted by the Department of Housing and Urban Development’s inspector general and examined Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial, the sources said. The audits accuse the five major lenders of violating the False Claims Act, a Civil War-era law crafted as a weapon against firms that swindle the government. The audits were completed between February and March, the sources said. The internal watchdog office at HUD referred its findings to the Department of Justice, which must now decide whether to file charges. http://www.huffingtonpost.com/2011/05/16.... 2011-05-16 19:39:30 Permalink
Guydaley Posts: 15320 Incept: 2007-07-10 Wyoming only ATM Banned	Government is complicit in the fraud, they aren't supposed to point fingers. This is highly irregular. HOWEVER, the findings were referred to Department of Justice, so I do expect it to be stalled there temporarily and then after the appropriate bribes have been placed, permanently. Oh pardon me, did I say, bribes? I meant lobbying. ---------- Its called creeping TEOTWAWKI. Just because it doesn't happen all at once doesn't mean it isn't happening. Last modified: 2011-05-16 20:21:53 by guydaley 2011-05-16 20:21:02 Permalink
Argos Posts: 6305 Incept: 2008-03-23 The Green Mountain State	From the HuffPo article: Quote: According to the sources, the Wells Fargo investigation concludes that senior managers at the firm, the fourth-largest American bank by assets, broke civil laws. HUD’s inspector general interviewed a pair of South Carolina public notaries who improperly signed off on foreclosure filings for Wells, the sources said. One more reason, I take it, why that CFO departure isn't, as Wells claims, yesterday's news. 2011-05-17 10:06:22 Permalink
Bohemian Posts: 9658 Incept: 2010-07-27 California	Oh, look, HuffPo discovered mortgage fraud Better late than never, I guess. ---------- "The politicians are put there to give you the idea you have freedom of choice. You don't. You have no choice; you have owners. They own you. They own everything." - George Carlin 2011-05-17 11:30:29 Permalink
Grace Posts: 519 Incept: 2008-10-15 upstate new york	How about some "clawback" from the bonuses they received 2011-05-17 14:14:14 Permalink