Mortgage Fraud News
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The conservator for Fannie Mae and Freddie Mac was eager for publicity in September 2011 when it sued 17 financial institutions, accusing them of ripping off the two government-backed housing financiers. It isn’t so enthusiastic anymore.
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Bank of America Corp. can’t sue to recover $1.75 billion in investor losses stemming from a mortgage-fraud scheme at failed lender Taylor, Bean & Whitaker Mortgage Corp., the Federal Deposit Insurance Corp. told a judge.
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New York State Senator John Sampson pleaded not guilty to embezzlement charges in the latest corruption case involving state politicians.
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The announcement from the Obama administration was that a yearlong crackdown on mortgage fraud netted charges against 530 suspects in the year ending Sept. 30.
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London police arrested seven men and one woman in connection with a suspected mortgage fraud valued at 400 million-pounds ($554 million).
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Authorities arrested 485 people since March in the largest nationwide mortgage-fraud crackdown of its kind, the U.S. Justice Department said.
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Bank of Montreal doesn’t expect any further costs tied to an alleged mortgage fraud in Alberta, according to bank spokesman Ralph Marranca .
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The FBI had more than 3,000 pending mortgage fraud investigations last fiscal year, up more than 300 percent from 2005, said FBI Director Robert Mueller .
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Four defendants were found guilty at trial for their part in a mortgage-fraud scheme led by former Dallas Cowboys football player Eugene Lockhart, who pleaded guilty last year.
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Two Citigroup Inc. executives are departing after federal prosecutors named them earlier this year in a mortgage-insurance fraud case that resulted in a $158.3 million settlement and an admission of wrongdoing by the bank.
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