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).

Please see full article below for more information.

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Published In: Business Organization Updates, General Business Updates, Criminal Law Updates, Finance & Banking Updates, Residential Real Estate Updates

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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