California Real Estate Fraud Report

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FBI Looking at Banks for Possible Criminal Violations

The FBI is investigating whether banks and other lending institutions may have committed criminal violations in their processing of tens of thousands of foreclosures, in what has been termed Foreclosure Gate. Their determination hinges on whether the rubber-stamping (robo-signing) of the foreclosures was done with criminal intent.

In the meantime, both Bank of America and GMAC (Ally Financial, Inc.) have stated their intent to resume foreclosures in judicial foreclosure states. How successful they will be is an open question, as the attorneys general for all 50 states have initiated joint investigations into the procedures the major lenders have used to foreclose on homeowners. Further, plaintiffs’ attorneys are busy filing lawsuits against the lenders and at least one judge who has thrown out foreclosures, Justice Arthur Schack of State Supreme Court in Brooklyn, has stated for the record that lenders “better file all their paperwork and makes sure it’s done correctly, because they’re asking me to take someone’s house away.”

Read the full article in Yahoo News.

© Copyright 2007-2018 Monique Bryher

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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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