Fraud Mortgages

Fraud is the making of false representations or engaging in deceptive behavior in order to unlawfully secure financial or personal gain. 
News & Analysis as of

Bank of America Wins Reversal of FIRREA $1.27B Penalty

A breach of contract is insufficient to also support a claim for fraud, the Second Circuit Court of Appeals has ruled, reversing a $1.2 billion verdict against Countrywide Home Loans in the process. What happened...more

Your daily dose of financial news: The Brief – 6.2.16

Everything’s coming up Saudi these days, as Uber revealed this week that it turned to the Middle East for a $3.5 billion cash infusion from Saudi Arabia’s Public Investment Fund—the kingdom’s “main investment fund”—as part of...more

Equitable Liens: No Mortgage Does Not Necessarily Mean No Lien

Marcum v. Marcum (In re Marcum), 508 B.R. 499 (Bankr. M.D. Fla. 2014) – A creditor made two prepetition loans to a chapter 13 debtor for payment of delinquent real estate taxes. The loans were supposed to be secured by...more

Texas Adopts New Provisions Regarding Denial, Suspension, or Revocation Based on Criminal History for Residential Mortgage Loan...

Texas has adopted provisions that specify the criminal history information collected by the Office of Consumer Credit Commissioner (OCCC) and outline factors the OCCC will consider when reviewing criminal history information....more

Orrick's Financial Industry Week in Review

5th Circuit Revives FDIC's Suit Against Goldman, Deutsche Bank, and Royal Bank of Scotland - On August 10, 2015, the Fifth Circuit revived a securities fraud suit brought by the Federal Deposit Insurance Corporation...more

Appellate Court Notes

Appellate Court Advance Release Opinions: - AC35173 - State v. Mosback - AC36907 - Rodriguez v. Commissioner of Correction - AC36499 - Zilkha v. Zilkha After a judgment of dissolution, the plaintiff...more

Fraud Verdict Against Countrywide & BofA Upheld

BofA’s “hustling” attempt to overturn a $1.27 billion judgment against it and Countrywide—along with the individual defendant identified in the next paragraph, the “Defendants”—in the U.S. District Court for the Southern...more

Fraud Claim Against Lender Dismissed

"Courts have held that there is no duty on a lender to ensure that a loan is suitable for a borrower," wrote Judge Jones in a recent case dismissing a fraud and misrepresentation claim brought by a home owner against the...more

Ninth Circuit Holds That Loan Purchasers Are Victims Under the MVRA

The US Court of Appeals for the Ninth Circuit recently affirmed a restitution order in favor of both the originator and purchaser of two fraudulently obtained mortgages under the Mandatory Victim Restitution Act (MVRA). ...more

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

Aurora Resolves Mortgage Modification Class-Action Lawsuit for $5.3 Million

A former goliath of the non-prime lending market, Aurora Loan Services, LLC (“ALS”), recently resolved a class-action lawsuit alleging that it fraudulently induced distressed California borrowers to enter into purported...more

On the hook for another’s fraud

In Santander (UK) plc v R.A. Legal Solicitors [2014] EWCA Civ 183, a firm of solicitors found themselves on the hook for a fraud in which they were not involved, but in which their substandard conduct had played a part. The...more

Justice Department Keeps its Distance From Szymoniak Mortgage Fraud Lawsuit

As detailed in an August 2013 Salon article by David Dayen and a September 2013 Bloomberg Businessweek article by Karen Weise, West Palm Beach, Florida homeowner and attorney Lynn Szymoniak helped blow the whistle on...more

Credit Crunch Digest

This issue of the Credit Crunch Digest focuses on recent developments in Libor and the Foreign Exchange market litigation; Credit Suisse’s $885 million mortgage settlement with the Federal Housing Finance Agency; Irving...more

Goldman Sachs Motion to Dismiss RMBS Fraud Suit Granted in Part, Denied in Part

On November 26, Justice Melvin Schweitzer of the New York Supreme Court granted in part and denied in part Goldman Sachs’s motion to dismiss a lawsuit brought by HSH Nordbank. Justice Schweitzer dismissed claims arising out...more

BofA $1.4 Billion Settlement Talks with Freddie Mac

Bank of America and Freddie Mac are currently attempting to resolve a mortgage repurchase dispute in which Freddie Mac claims that Bank of America should have to buy back more than $1.4 billion in mortgage loans it claims...more

Credit Crunch Digest -- October 2013

This issue of the Credit Crunch Digest focuses on the indictment of former ICAP employees for rate fixing of the yen Libor; a new lawsuit filed against global banks for their involvement in Libor manipulation schemes; a...more

Orrick's Financial Industry Week in Review - October 28, 2013

Joint Release on QM Fair Lending Risks - On October 22, the Fed, CFPB, FDIC, NCUA and OCC issued a joint statement to address industry questions on fair lending risks associated with offering only qualified mortgages. ...more

BofA’s Countrywide Found Responsible For Defrauding Fannie Mae & Freddie Mac

A federal jury ruled yesterday that Countrywide, now owned by Bank of America, defrauded Fannie Mae and Freddie Mac by selling them defective mortgages in advance of the great financial crisis of 2008. A former Countrywide...more

Federal Court Refuses To Dismiss Government’s Statutory Claims against Mortgage Originators That Allegedly Defrauded HUD

A federal judge recently rejected motions to dismiss in a suit in which the U.S. government alleged that two mortgage originators and their officers defrauded the Department of Housing and Urban Development (HUD) into...more

Citigroup Whistleblower Won’t Give Up

Whistleblower Richard M. Bowen III told The New York Times he plans to “leave this country better off than the way I found it.” He refuses to be muzzled about the financial fraud that led to the multibillion dollar taxpayer...more

HOLA Does Not Preempt Fraud Claims against Mortgage Loan Servicer, California District Court Rules

The Southern District of California recently held that claims against a mortgage loan servicer are not preempted by the Home Owners Loan Act (HOLA) when they rely on "general allegations of misrepresentation" and are only...more

Bank of America Fraud Case Headed to Trial

An order yesterday by U.S. District Judge Jed Rakoff in New York clears the way for a trial on September 23 in a government lawsuit accusing Bank of America Corp. of fraud in the sale of billions of dollars of toxic mortgage...more

FinCEN Issues Analysis of Mortgage Loan Fraud Suspicious Activity Report Filings; Notes Drop Over Previous Calendar Year

On August 20, 2013, the Financial Crimes Enforcement Network (“FinCEN”) issued a report (the “Report”) on mortgage loan fraud suspicious activity report (“MLF SAR”) filings in calendar year 2012 (“CY 2012”), noting a 25%...more

Mortgage Fraud: Data Confirms Spike in 2006-2007

The Financial Crimes Enforcement Network (FinCEN) has released an analysis of Mortgage Fraud SAR Filings in Calendar Year 2012. The report was issued on August 20, 2013. This publication updates FinCEN’s prior Mortgage Loan...more

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