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Citigroup To Pay $7 Billion To Settle Mortgage Claims

To settle charges related to the packaging, marketing, sale, and issuance of residential mortgage-backed securities (RMBS), Citigroup will pay a total of $7 billion, including a record $4 billion fine to the Department of...more

Mortgage Company Resolves HAMP-Related Criminal Allegations

On July 3, the DOJ announced the resolution of a multi-agency criminal investigation into the way a large mortgage company administered the federal Home Affordable Modification Program (HAMP). According to a Restitution and...more

Weighing The Price Of Crime — Apportioning Restitution Based On Relative Fault

Criminal justice practitioners understand that ‘‘joint and several liability’’ stands for the common proposition that each co-conspirator should be equally responsible for all provable losses the conspiracy caused. Put...more

Steering Consumers to Expensive Mortgage Loans

The CFPB announced that it had filed a complaint yesterday in a federal district court against Utah-based Castle & Cooke Mortgage, LLC (“C & C”) and two of its officers for illegally giving bonuses to loan officers who...more

Anti-Money Laundering Program: Testing

I learned recently some rather extraordinary news: my firm is currently the only mortgage risk management firm in the country offering testing of a Residential Mortgage Lenders and Originator’s (RMLO’s) Anti-Money Laundering...more

New York Attorney General Eric Schneiderman To Sue Wells Fargo & Bank Of America For Violating National Mortgage Settlement

New York Attorney General Eric Schneiderman To Sue Wells Fargo & Bank Of America For Violating National Mortgage Settlement...more

YOU CAN’T TRUST OUR NATIONAL BANKS MORTGAGE PAPER TRAIL

FRAUD, NOT MISTAKES AND ERRORS, HAVE PERMEATED THE FORECLOSURE PROCESS IN AMERICA

FRAUD, NOT MISTAKES AND ERRORS, HAVE PERMEATED THE FORECLOSURE PROCESS IN AMERICA When judges begin ordering the accounting and financial books and records of the alleged owner of a borrower’s note to be produced, not...more

The Enforcement Powers of the Consumer Financial Protection Bureau

For several months, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) has implemented a spate of enforcement actions against banks and non-banks. My interest in this article is neither to re-litigate those cases...more

What’s at the Bottom of the ‘Robosigning’ Scandal?

The problematic practice of robosigning – whereby banks and other lenders improperly foreclosed on properties through formulaically processing foreclosure documents – has been much in the news over the past couple of years....more

CONGRESS OF THE UNITED STATES- COMMITTEE ON OVERSIGHT & GOVERNMENT REFORM

Senator Elizabeth Warren (D-MA) and Rep. Elijah E. Cummings (D-MD) March 25, 2013 letter to Federal Reserve Chairman Ben Bernanke...

Senator Elizabeth Warren and Representative Elijah Cummings to Meet with Fed and OCC on Foreclosure Abuses Washington, D.C. March 25, 2013 Senator Elizabeth Warren (D-MA) and Rep. Elijah E. Cummings (D-MD) sent a...more

CONGRESS OF THE UNITED STATES- COMMITTEE ON OVERSIGHT & GOVERNMENT REFORM

Reps. Darrell E. Issa and Elijah E. Cummings, joint letter to Federal Reserve Chairman Ben Bernanke and Comptroller of the...

House Oversight Committee Requests Briefing on Potential Independent Foreclosure Review Process Settlement Washington, DC (Jan. 5, 2013) The Chairman and Ranking Member of the House Committee on Oversight and...more

The Eleventh Circuit Discusses When The Government Can Take Your Wife's Stuff To Make Resitution For A Crime You Committed

When a person is convicted of a federal crime, especially in a fraud case, but in lots of other kinds of federal criminal cases too, the district court sometimes also orders that the person pay restitution....more

STATE OF MICHIGAN ATTORNEY GENERAL BILL SCHUETTE FILES CRIMINAL CHARGES AGAINST FORMER MORTGAGE PROCESSOR PRESIDENT FOR ROLE IN...

STATE OF MICHIGAN ATTORNEY GENERAL BILL SCHUETTE FILES CRIMINAL CHARGES AGAINST FORMER MORTGAGE PROCESSOR PRESIDENT FOR ROLE IN FRAUDULENT...more

THE PEOPLE OF THE STATE OF MICHIGAN vs. LORRAINE OREILLY BROWN

FELONY COMPLAINT AGAINST LORRAINE OREILLY BROWN RE: DOCX & ROBO-SIGNING

Lorraine Brown established and orchestrated a widespread scheme of robo-signing and was associated with an enterprise, to wit DOCX. ...more

CFPB and FTC: Warning Letters - Misleading Advertisements

The Consumer Financial Protection Bureau (CFPB), in coordination with the Federal Trade Commission (FTC), has issued warning letters to twelve mortgage lenders and mortgage brokers advising them to remove or revise misleading...more

United States Department of Justice Press Release Re: Former Executive at Florida-Based Lender Processing Services Inc. Admits...

FOR IMMEDIATE RELEASE http://www.justice.gov/opa/pr/2012/November/12-crm-1400.html Tuesday, November 20, 2012 Former Executive at Florida-Based Lender Processing Services Inc. Admits Role in Mortgage-Related Document...more

CFPB: Compliance Management System

On October 31, 2012, the CFPB issued its first issue of Supervisory Highlights: Fall 2012, a newsletter to the public and the financial services industry about its examination program, including the concerns that it finds...more

FinCEN: SAR Narrative, PowerPoint, and Mortgage Loan Fraud

On September 18, 2012 FinCEN held an Informational Webinar regarding the new FinCEN Suspicious Activity Report (SAR). The corresponding, full PowerPoint presentation of the recorded version of this Webinar is available...more

United States of America vs. Bank of America et al

United States of America vs. Bank of America et al Re: Complaint for Mortgage Fraud

Manhattan U.S. Attorney Sues Bank Of America For Over $1 Billion For Multi-Year Mortgage Fraud Against Government Sponsored Entities Fannie Mae And Freddie Mac FOR IMMEDIATE RELEASE Wednesday, October 24, 2012 After...more

ROBERT LOCKETT vs. BANK OF AMERICA, N.A.

Robert Lockett Los Angeles County Registrar Recorders Complaint for Notary Public Fraud With Expert Opinion Declaration

Homeowner Complaint Summary: I am a victim of fraud and I am attaching pdf files which includes an Assignment of a Deed of Trust that was recorded with the Los Angeles Register Recorders office on August 29, 2011 under...more

ROBERT LOCKETT vs. BANK OF AMERICA, N.A.

Robert Lockett Los Angeles County Registrar Recorders Complaint for Document Fraud With Expert Opinion Declaration

Homeowner Complaint Summary: I am a victim of fraud and I am attaching pdf files which includes an Assignment of a Deed of Trust that was recorded with the Los Angeles Register Recorders office on August 29, 2011 under...more

CALIFORNIA ATTORNEY GENERAL COMPLAINT CALIFORNIA SENATE BILL NO. 1474 RE: CONVENING GRAND JURY FOR MORTGAGE FRAUD

CALIFORNIA ATTORNEY GENERAL COMPLAINT CALIFORNIA SENATE BILL NO. 1474 RE: CONVENING GRAND JURY FOR MORTGAGE FRAUD Barry S Fagan 20475 Roca Chica Dr. Malibu, California 90265 Complaint Against: Wells Fargo Bank,...more

Mortgage Fraud and SARs

On August 16, 2012, the Financial Crimes Enforcement Network (FinCEN) issued an Advisory to highlight activity related to mortgage loan fraud, especially as it pertains to Residential Mortgage Lenders and Originators (RMLOs)....more

Shorts on Long Term Care - August 2012: Heck No, I Won’t Go

My office phone rings and it’s one of my favorite clients. We just finished working on an appeal of a resident discharge and were expecting the Division of Medical Assistance hearing officer decision any day. I felt pretty...more

When Can Private Security Stop and Detain?

Today we begin a new feature for Appellate Strategist -- detailed previews of civil cases just granted review in the latest term of the Illinois Supreme Court. This week we will review the late May grants, and the feature...more

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