California Real Estate Fraud Report

You have just entered the #1 private-sector resource on the Internet for real estate fraud. In doing so, you have voluntarily left the dimension of the conventional real estate world and crossed over to the Dark Side, the realm where greed, dishonesty and evil are the order of the day. Sign up for a free subscription to this comprehensive news resource and receive weekly, timely news reports about real estate fraud, mortgage fraud, short sale fraud, REO fraud, title fraud, loan fraud, appraisal fraud, affinity fraud, loan modification scams, securities fraud and elder financial fraud. *** AS OF NOVEMBER 2017, THE CALIFORNIA REAL ESTATE FRAUD REPORT IS 10 YEARS OLD! ***


AGs Settle with Banks over Robosigning

After playing cat-and-mouse as to whether she would remain a hold-out or sign-off on a nationwide settlement between the Attorneys General and five major banks for committing widespread fraud in the signing of foreclosure documents, Attorney General Kamala D. Harris announced today that California will be part of the settlement.

The five banks are Wells Fargo, Bank of America, JP Morgan Chase & Co., Citigroup Inc. and GMAC/Ally Financial Inc.

California will receive $18 billion as its share of the agreement, which sought to penalize robosigning, in which the banks hired $10/hour temporary employees to forge as many as several thousand foreclosure documents  every day, many of which were manufactured to replace lost paperwork on home mortgages.

On the positive side, Harris’ obtained an enforceable guarantee that the named banks will have to provide at least $12 billion in principal reductions to underwater homeowners. Monies will also be allocated so that Harris can expand her Mortgage Fraud Task Force.

On the other hand, today’s settlement is a huge disappointment for homeowners whose foreclosures were illegal in one form or another. The most they will receive is $2,000 which is nothing short of ridiculous.

Also, bank C-suite executives, managers and other employees appear to be off the hook for any criminal acts they may have committed with regard to the robosigning scandal, which is why the banks were so eager to get a blanket agreement from the states.

Read about the settlement in the Los Angeles Times and AG Harris’ press release.

© Copyright 2007-2018 Monique Bryher

Legal Disclaimer.

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.

ALL RIGHTS RESERVED. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording or by any information storage and retrieval system, without written permission from the author, except for the inclusion of BRIEF QUOTATIONS in a review.


Copy Protected by Chetan's WP-Copyprotect.