July 31, 2014
by Nicholas Tomsho
A federal judge on Wednesday imposed a $1.27 billion penalty on Bank of America after a jury found them liable for mortgage fraud. Judge Jed Rakoff for the US District Court for the Southern District of New York ruled after a jury found that Bank of America, the second largest bank in the US, had ...[read more]
May 5, 2014
by Benjamin Minegar
The US Supreme Court ruled unanimously Monday in Robers v. United States that the Mandatory Victims Restitution Act (MVRA) requires restitution calculation based upon the property a lender loses, not upon the collateral the lender receives. In 2005, petitioner Benjamin Robers submitted fraudulent ...[read more]
February 26, 2014
by Elizabeth LaForgia
The US Supreme Court heard oral arguments on Tuesday in Robers v. United States. The case addresses the issue of whether a defendant who owes restitution for a fraudulently obtained loan returns a portion of the loan money by giving the lenders the collateral property that secures the money. ...[read more]
February 13, 2014
by Arjun Mishra
02/10/2014: Better Markets sued DOJ over JP Morgan settlement. 02/04/2014: JP Morgan Chase paid 614 million in mortgage lending settlement. 01/31/2014: New York judge approved Bank of America settlement over mortgage-backed securities. 10/25/2013: US government reached 51 billion settlement ...[read more]
October 24, 2013
by Stephen Adelgren
A jury in the US District Court for the Southern District of New York on Wednesday found Bank of America (BOA) liable for fraudulently making bad loans and for removing quality checks for those loans. Also implicated in the verdict are Countrywide (a subdivision of Bank of America) and senior ...[read more]
October 24, 2012
by Jerry Votava
US Attorney Preet Bharara on Wednesday filed a $1 billion civil lawsuit against Bank of America (BOA) claiming the bank committed fraud in residential mortgages. The claim was filed in the US District Court for the Southern District of New York (SDNY) and alleges that Countrywide Financial, a home ...[read more]
March 24, 2012
by Michael Haggerson
The Securities Exchange Commission (SEC) announced on Friday that it filed a subpoena enforcement action in the U.S. District Court for the Northern District of California against Wells Fargo & Company to force the company to hand over documents connected to the company's sale of nearly $60 ...[read more]
December 17, 2011
by Cody Harding
On December 17, 2010, Arizona Attorney General Terry Goddard filed a lawsuit against Bank of America (BOA) for fraudulent foreclosure practices and misleading customers in mortgage modifications. The complaint alleged that BOA engaged in consumer fraud by misrepresenting to customers whether they ...[read more]
November 2, 2011
by Brandon Gatto
The US government on Tuesday filed a lawsuit in the US District Court for the Southern District of New York (SDNY) alleging that Allied Home Mortgage Capital Corporation (Allied) and two of its top executives misled the government into believing that its loan qualified for federal insurance. In ...[read more]
May 4, 2011
by Ashley Hileman
US Attorney Preet Bharara filed a civil suit on Tuesday against Deutsche Bank in the US District Court for the Southern District of New York accusing the bank of engaging in mortgage fraud. Through the suit, the US seeks more than $1 billion, including punitive damages and fines. Specifically, ...[read more]

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