California Real Estate Fraud Report

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19
May

Steve Mnuchin’s Former Bank Pays $89 Million to Settle Reverse Mortgage Claims

Reverse mortgage company Financial Freedom of Austin, Texas, has agreed to pay $89 million to settle claims that it misused a federal home insurance program, which was under investigation by federal officials.

The payment closes a U.S. government investigation into its practice of allegedly accelerating home foreclosures without following the requirements of the Department of Housing and Urban Development requirements. Mnuchin led a group of investors that bought IndyMac Bank and its Financial Freedom unit in 2009. The investors realized a large profit when they reorganized IndyMac, based in Pasadena, Calif., as OneWest Bank.

Sandra Jolley, the Oxnard, California, consumer advocate and whistleblower, was awarded $1.6 million of the settlement, according to the U.S. Department of Justice, which announced the settlement Tuesday.

Read the original article in NBC News.

 

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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