Abigale Fields | Sizing Up a Sweeping Mortgage Settlement


Sizing up a sweeping mortgage settlement

Mortgage lenders like Bank of America and Wells Fargo are fighting the fight on all fronts, with the latest being False Claims Act violations. Here’s what to look for in any settlements.

By Abigail Field, contributor

FORTUNE — The trouble for America’s largest mortgage lenders just keeps mounting. How much will it cost them to make it all go away?

Bank of America, JPMorgan Chase (JPM), Wells Fargo (WFC), Citigroup (C) and Ally Financial violated the federal False Claims Act, according to officials briefed on federal investigations who spoke to the Huffington Post. The unnamed officials say the banks submitted faulty documents in seeking federal reimbursement from the Federal Housing Administration homes they’d foreclosed on.

This comes on top of countless other legal investigations the banks are facing by federal and local regulators, including a wide-ranging probe by all 50 state attorneys general, which also focuses on shoddy mortgage practices. The Department of Housing and Urban Development reportedly has the goods to nail the five banks for their scam and it’s now up to the Department of Justice whether or not to sue.

Check out the rest here…



5 Responses to “Abigale Fields | Sizing Up a Sweeping Mortgage Settlement”
  1. John Anderson says:

    They should not be allowed to buy their way out of any criminal charges that are connected with the financial crisis that they had any part in. So many people have been affected by this, that people going to jail, some for a long time, is the only thing that will keep fraud of this nature from happening again. The people whose homes have been foreclosed upon by use of fraudulent paperwork, should get that house, free and clear. Don’t worry about the banks, in most if not all cases there was insurance “AIG” hundred of billions worth have been paid in claims, they are insured WITHOUT the right of subrogation ” the underling note”. They want the insurance , the house, the credit default swap insurance for the pool, after they have made up a bunch of fake fees and forced placed over priced insurance, on their victims. Believe me they deserve it many time over. But their getting away with it!
    My e-mail to Pam Bondi
    Dear Pam Bondi,
    I am upset by your lighthanded approach to the fraud that banks and foreclosure law firms have so far gotten away with in this state.
    As the chief law enforcement officer in Florida, and a member of the Florida Bar, your duty is clear. To do anything less than full prosecution on those who would, fabricate, and use fraudulent documents in court proceedings is a violation of your oath as a officer of the court, and Attorney General of the state of Florida.
    We are in troubled times, and the public needs to know that the law applies to all, great and small. If rule of law, is perceived as rule of the rich, then civil unrest and revolution will be the result.
    Do you think Judge Judy would rule in favor of a plaintiff or defendant who produced a fraudulent document to win their case? NO! because it would violate the”CLEAN HANDS DOCTRINE” that no relief shall be granted to a party who engages in unlawful activity.
    I ask that you do your duty.
    I have received no acknowledgment of this e-mail, and I don’t expect one after her commits about her concern about “homeowners getting a free house”. She obviously is not concerned about the banks getting a free house, or document mills cranking out legal papers, fraudulently signed and notarized, and used by foreclosure mill’s attorneys, that are used to evict homeowners.
    I want the courts to follow the law, I want the government to force the to big to fail, to big to prosecute banks to follow the law, I want the prosecutor of my state to enforce the laws on the books. If they do everything will be OK. If they don’t, expect mob justice

  2. Pamela says:

    Punish all of them the way they deserve to be punished.Put them out of business for what they did to all of us so they can’t just keep doing it.Make the law stick,make it mandatory jail time after they pay us back.No more bailouts no more free walks.Do to them what you know they would and do to us.Thats the only way it can work for any of us.

  3. joe parisi says:

    Glad I live in NY where the AG didn’t didn’t swallow the Kool Aid Korruption punch.

    • Readdocs says:

      A battle won, the war is not over yet. If these banks do win, this country will enter the failed state levels
      and every one who lives in this country will be affected by the mass destruction of owning private property.

    • more and more lies says:

      your lucky my moved to floridah from rockland county monsey/spring valley in 1978. what afriigin mess fraud closures, right to work state (it atcually means the opposite) rick scot, fcat is stupid already. i am sick boen in brooklyn do not beleive here

Leave a Reply