California Real Estate Fraud Report

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Whistleblower Lawsuit Results in $614 Million Settlement by JPMorgan Chase

In yet another settlement with the federal government, JPMorgan Chase & Co has agreed to pay $614 million to the U.S. government. In a rare admission, the bank acknowledged it had defrauded the Federal Housing Administration and the Department of Veterans Affairs by underwriting sub-standard mortgage loans that were ineligible for insurance by those agencies. When losses from the sub-standard loans occurred, both agencies – meaning taxpayers – were required to cover them.

The case began when whistleblower, Keith Edwards sued JPMorgan in January 2013 under the False Claims Act, which allows individuals to sue government vendors for defrauding taxpayers. Edwards worked with Preet Bharara, the U.S. Attorney in Manhattan, whose office joined the lawsuit.

Similar allegations have already resulted in settlements with Bharara’s office with Citigroup Inc. and Deutsche Bank AG. The U.S. Attorney is still pursuing $2.1 billion in penalties from Bank of America after a jury decided it was liable for fraud with respect to the mortgages sold by its Countrywide unit.

Read the original article in the Chicago Tribune.

© 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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