California Real Estate Fraud Report

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HUD Says Settlement with Banks for Foreclosure Fraud Near

The Secretary of Housing and Urban Development (HUD) says a settlement with mega-banks for their robo-signing practices is likely to be reached within several weeks.

Secretary Shaun Donovan had been negotiating the settlement, along with a coalition of the attorneys general for all 50 states, the Justice Department and federal regulatory agencies.

Banking giants Bank of America, Wells Fargo, GMAC/Ally Financial and JP Morgan Chase were accused of rubber-stamping approvals to thousands of home foreclosures per day by employees who did not read the foreclosure documents and would not have understood them if they did. This is nothing less than bank fraud, foreclosure fraud, whatever you want to call it.

Donovan and the coalition want the banks to pay $25 billion for the fraud they committed against homeowners; the banks think $5 billion is sufficient. If so, then crime still does pay.

Read the full article in the Los Angeles Times.

© 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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