The top federal prosecutor in Manhattan sued Bank of America for more than $1 billion on Wednesday for mortgage fraud against Fannie Mae and Freddie Mac during the years around the financial crisis.
Published: August 3, 2012
Tags: American International Group Inc., Bank of America, Civil Investigative Demands, Countrywide Financial Corp., Genworth Financial Inc., Levitin, MGIC Investment Corp., mortgage
The government’s consumer finance watchdog is investigating mortgage insurance deals between banks and the insurers American International Group Inc., MGIC Investment Corp. and Genworth Financial Inc.
By Jacob Adelman AP Writer Los Angeles — Grocery store owners William and Esperanza Casco were making enough money to stay current on their mortgage, but when JPMorgan Chase & Co. offered a plan that reduced their payments, they figured they could use the extra cash and signed up. The Cascos said they never missed [...]
By Alex Veiga AP Real Estate Writer Los Angeles — The foreclosure crisis intensified across most large U.S. metropolitan areas this summer, with Chicago and Seattle — cities outside of the states that have shouldered the worst of the housing downturn — seeing a sharp increase in foreclosure warnings. California, Nevada, Florida and Arizona remain [...]
By JEANNINE AVERSA AP Economics Writer WASHINGTON (AP) — Federal banking regulators are examining whether mortgage companies cut corners on their own procedures when they moved to foreclose on people’s homes, Federal Reserve Chairman Ben Bernanke said Monday. Preliminary results of the in-depth review into the practices of the nation’s largest mortgage companies are expected [...]
By Ben Mook Dolan Newswires As prosecutors and class-action attorneys grapple with the extent to which “robo-signed” affidavits were filed in foreclosure cases across the country, the nation’s judiciary will have to decide whether to handle them merely as instances of shoddy paperwork — or as frauds perpetrated on the court. Courts, state financial regulators [...]
By Sam Boykin Dolan Newswires Cheryl Littlefield’s ideal home was pulled right out from under her. Located near Revolution Park just west of Uptown Charlotte, N.C., the 1,200-square-foot, three-bedroom brick ranch was just what Littlefield was looking for. And priced at $49,000, the foreclosed home was a bargain. “All it needed was carpet, appliances and some [...]
By Alan Zibel AP Real Estate Writer Washington — Officials in 50 states and the District of Columbia have launched a joint investigation into allegations that mortgage companies mishandled documents and broke laws in foreclosing on hundreds of thousands of homeowners. As part of the national investigation, Wisconsin Attorney General J. B. Van Hollen asked [...]
By Ben Mook Dolan Media Newswires Pressure on banks and processing firms to suspend foreclosures over concerns of paperwork errors continues to mount as a group of as many as 40 state attorneys general plans to announce a multijurisdictional investigation on Wednesday. Iowa Attorney General Tom Miller is heading the bipartisan group that plans to [...]
By Marie Rohde The Milwaukee Common Council will consider a resolution supporting a nationwide moratorium on home foreclosures because of allegations of improper actions by banks. Bank of America voluntarily set a nationwide foreclosure moratorium after it was revealed that some bank officials were signing without reading foreclosure documents that were presented in court. Such [...]