California Real Estate Fraud Report

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HUD Audit Accuses BofA, Wells Fargo etc. of Foreclosure Fraud

An audit by the Inspector General for the U.S. Department of Housing and Urban Development seems to point the finger at the big 5 lenders for committing bank fraud by billing taxpayers falsely for their foreclosures.

Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial (formerly GMAC) are accused of violating the Civil War-era False Claims Act. The False Claims Act was enacted by President Lincoln to severely penalize businesses that defraud the federal government, meaning We the Taxpayers. In this case, the audit reveals that the banks filed for federal reimbursement under TARP (Troubled Asset Relief Fund) on homes they foreclosed that sold for less than what was owed by using either doctored or defective documents.

The Department of Justice has received the findings of HUD’s Inspector General and must now decide whether to file charges against the banks.

Read the full article on Huffington Post.

© 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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