Mortgage Lender Not "Financial Institution" For Federal Criminal Bank Fraud Just Because It Was Owned By A Financial Institution

Question: Is a mortgage lender that is a wholly-owned subsidiary of a “financial institution” itself a “financial institution” for purposes of federal criminal bank fraud?

Answer: No, according to the Ninth Circuit Court of Appeals in United States vs. Bennett, No. 06-50580 (decided September 10, 2010).

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