InfoBytes, September 9, 2011 - A Weekly In-depth review of news & developments in the financial services industry


In This Issue:

• Federal Issues

• Courts

• Miscellany

• Firm News

• Mortgages

• Consumer Finance

• Securities

• Litigation

• Criminal Enforcement Action

Excerpt from Criminal Enforcement Action:

Stay current on U.S. FCPA enforcement actions and international anti-corruption news by visiting our FCPA & Anti-Corruption Score Card.

Individuals Plead Guilty in Mortgage Fraud Scam. On September 6, United States Attorney for the Eastern District of California Benjamin B. Wagner announced that two individuals pled guilty to conspiring to commit mail fraud and making false statements in loan applications. The two individuals were charged in June 2010 with eight other defendants in a conspiracy that involved two companies - Liberty Real Estate and Investment Company and Liberty Mortgage Company - that purchased at least 30 homes in the Sacramento area in 2006 and 2007, typically through 100 percent financing, obtained as the result of false information regarding the buyers' employment, income, and intent to live in the properties. At the close of the transactions, and unbeknownst to the lenders, cash payments were made back to the buyers out of the loan proceeds. Of the 30 transactions, at least 28 have gone into foreclosure, resulting in a loss to lenders in excess of $5 million....

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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