False Claims Act Mortgages

The False Claims Act is a United States federal law originally enacted in 1863 to recover fraudulently acquired funds from government contractors.  In 1986, The False Claims Act was amended to increase... more +
The False Claims Act is a United States federal law originally enacted in 1863 to recover fraudulently acquired funds from government contractors.  In 1986, The False Claims Act was amended to increase whistleblower incentives and to permit the government to seek treble damages for allegations of fraud against the government less -
News & Analysis as of

Former Analyst Claims Moody’s Falsely Inflated Ratings

Former Moody’s analyst, Ilya Kolchinsky, has accused the credit rating powerhouse of overstating its ratings for countless toxic mortgage-backed securities that caused the financial meltdown in 2008, misleading investors and...more

Texas Federal Court Upholds HUD’s Suspension Of Mortgagee

On August 5, the U.S. District Court for the Southern District of Texas held that HUD’s decisions to immediately suspend a HUD mortgagee and its CEO were not “arbitrary and capricious” and did not violate due process. Allied...more

Credit Crunch Digest

This issue of the Credit Crunch Digest focuses on ongoing civil lawsuits and regulatory investigations into Libor manipulation by large banks, including the possible imposition of new criminal penalties by U.K. authorities...more

D.C. Circuit Holds Government False Claims Case Not Precluded By National Mortgage Settlement

On June 10, the U.S. Court of Appeals for the District of Columbia affirmed the district court’s decision not to enjoin the federal government from pursuing alleged False Claims Act violations against a bank that argued such...more

White Collar Watch

In This Issue: - Federal court unseals rare False Claims Act complaint against home mortgage servicer - Qui tam relators target – and gain access to – internal investigation on ground that attorney-client...more

Federal court unseals rare False Claims Act complaint against home mortgage servicer

In Brief - The complaint claims lender OneWest falsely certified that it made required disclosures to homeowners, leading the federal government to pay more than $200 million in false claims. - OneWest...more

DOJ Obtains Settlement In FHA False Claims Act Case

On February 4, the DOJ announced the filing and simultaneous settlement of a complaint by the U.S. Attorney for the Southern District of New York (SDNY) against a mortgage lender alleged to have violated the False Claims Act...more

Federal Court Dismisses FCA Claims Against Bank’s Outside Directors

On January 3, the U.S. District Court for the Northern District of Illinois held that a relator failed to support allegations that the outside directors of a failed bank misrepresented to the FDIC the quality of the bank’s...more

Florida Appeals Court Affirms Dismissal Of State Qui Tam FCA Lawsuit Alleging Failure To Pay Stamp Tax Upon Assignment

On November 21, the Florida First District Court of Appeals affirmed the dismissal of a qui tam false claims act lawsuit against a lender, securitization trust, and MERS for the recovery of allegedly unpaid documentary stamp...more

Southern District Of New York Again Endorses DOJ Mortgage Fraud Theory

On September 24, U.S. District Court Judge Jesse Furman largely denied a bank’s motion to dismiss a complaint filed by the U.S. Attorney’s Office for the Southern District of New York (SDNY) in which the government alleges...more

Rakoff Decision Supports Feds’ Broad Application of FIRREA

On August 16, 2013, Judge Jed S. Rakoff of the Southern District of New York issued a ruling in in United States v. Countrywide Financial Corp., No. 12 Civ. 1422, that will likely be relevant to any financial institution...more

Southern District Of New York Endorses Use Of FIRREA In Mortgage Fraud Cases

On August 16, the U.S. District Court for the Southern District of New York issued a written opinion in support of its May 8, 2013 dismissal of claims for damages and civil penalties under the False Claims Act (FCA) brought...more

HUD Sets Stage For FCA Claims Against Fund Recipients

The Fair Housing Act requires agencies to administer their programs and activities relating to housing and urban development “affirmatively to further” fair housing. Recipients of U.S. Department of Housing and Urban...more

Southern District Of New York Judge Dismisses False Claims Counts, Allows FIRREA Claims To Proceed In Major Mortgage Fraud Case

On May 8, the U.S. District Court for the Southern District of New York dismissed claims for damages and civil penalties under the False Claims Act (FCA) brought by the federal government against a mortgage lender alleged to...more

Government Drops One Claim In Mortgage False Claims Act Case

On April 29, the U.S. Attorney for the Southern District of New York dropped its reverse false claims count in a pending False Claims Act case against a mortgage lender. U.S. v. Wells Fargo Bank, N.A., No. 12-7527....more

Casting a Smaller Net: Seventh Circuit Requires "Net Trebling" Under FCA – Potentially Impacting Settlement Dynamics for all...

The Seventh Circuit recently ruled that under the False Claims Act (“FCA”) treble damages should be calculated by the net amount of loss suffered by the government (after appropriate setoffs or credits are deducted) rather...more

Federal Government Civil Fraud Suit Targets Mortgage Lender And Its President

On April 4, the U.S. Attorney for the Southern District of New York and HUD officials announced a civil fraud suit alleging FCA and FIRREA claims against a mortgage lender and its president for falsely certifying loans and...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - March 29, 2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - MISCELLANY - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - CREDIT CARDS - PAYMENTS -...more

D.C. Federal Court Holds Government False Claims Case Not Precluded By National Servicing Settlement

On February 12, the U.S. District Court for the District of Columbia declined to enjoin the government from pursuing alleged False Claims Act violations against a bank that argued such claims were precluded by the terms of...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - February 15, 2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - PRIVACY/DATA SECURITY - Excerpt from Privacy/Data...more

California District Court Unseals FCA Complaint Filed Against Numerous Banks

Last week, after the government declined to intervene in the case, the U.S. District Court for the Central District of California unsealed a qui tam False Claims Act (FCA) complaint filed by a whistleblower in April 2012...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - January 18, 2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - E-COMMERCE - PRIVACY/DATA SECURITY - PAYMENTS -...more

False Claims Act Focus - December 2012

EDITOR’S NOTE - Recent reports from the Department of Justice that it collected a record $4.9 billion under the False Claims Act in fiscal year 2012 only underscore what we’ve been seeing in our practice and elsewhere...more

Bank Argues Government’s False Claims Act Case Violates National Servicing Settlement

On November 1, one of the five banks that entered into a comprehensive mortgage servicing settlement earlier this year with the federal government and 49 state attorneys general invoked that agreement in defense of claims...more

Civil Investigative Demands, Subpoenas and More: How to Prepare for the Government's Renewed Focus on Financial Services

The U.S. government continues to ramp up investigations and enforcement actions against banks, mortgage companies and other financial services companies, including using tools such as the False Claims Act and its power to...more

26 Results
|
View per page
Page: of 2