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! ***

23
Apr

Bank of America appeals $1.3 billion “Hustle” loan verdict

Financial giant Bank of America has appealed a $1.3 billion penalty assessed by Judge Jed Rakoff in July 14 for selling toxic home mortgage loans, which Judge Rakoff had described as “brazen fraud.”

BofA filed its appeal with the Second Circuit Court of Appeals, claiming that it had been prevent from presenting evidence that its “Hustle” loans were “at least as high quality as other loans” made during the period prior to the meltdown of the U.S. mortgage market.

The U.S. Department of Justice had filed a lawsuit against Bank of America in October 2012, claiming that the Hustle loan program made by Countrywide involved loans being processed at rapid speed without regard for their quality. The loans were resold to Fannie Mae and Freddie Mac, causing billions in losses to those institutions and taxpayers.

Read the original article in Financial Times.

© 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.

BLOG POWERED BY SHARP BIZ IMAGE

Copy Protected by Chetan's WP-Copyprotect.