Julián Castro sworn in, spends first day as HUD Secretary

Julián Castro sworn in, spends first day as HUD Secretary

Former San Antonio mayor takes over for Shaun Donovan

Blackstone adviser: Investors worried about ‘serious correction’

Byron Wien still holds his line

It’s official: Zillow will own Trulia

"Better agents make for better advertisers"

Items Tagged with 'Fraud'


Morgan Stanley finally pays $275 million for subprime RMBS fraud

SEC charged company with misrepresenting loans
July 24, 2014
The SEC had charged Morgan Stanley with misrepresenting the delinquency status of mortgage loans underlying two subprime RMBSs at the height of the financial crisis. They were the last subprime RMBSs that Morgan Stanley sponsored, issued, and underwrote.
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Citi nears resolution on massive mortgage fraud probe

Follows string of high profile settlements
July 8, 2014
The Justice Department also has been in talks with Bank of America Corp. to resolve civil probes over its mortgage business. The Citigroup mortgage investigation is among a handful of cases relating to bank conduct ahead of the 2008 financial crisis still pending before the Justice Department.
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Chase’s fraudulent foreclosure: Court finds for plaintiffs

Bank committed fraud in order to show ownership
July 2, 2014

A California appeals court upheld a ruling that said a Chase executive created a document that fraudulently represented that a prior assignment had been lost and that Chase owned the plaintiff's mortgage.

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BofA close to beating DOJ $850M RMBS fraud suit

DOJ “may not have evidence to try this as a fraud case”
June 11, 2014
In a hearing, U.S. District Judge Max Cogburn said that he may follow the recommendation of U.S. Magistrate Judge David Cayer, who previously recommended that the case should be dismissed in March.
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NY judge: JPMorgan/Bear Stearns committed MBS fraud; dismisses case anyway

Altered due diligence report to make mortgage pool look safer
May 9, 2014
New York State Supreme Court Justice Alan Scheinkman’s ruling states that there is evidence to support MBIA’s assertion that Bear Stearns “altered due diligence information (and) intentionally misrepresented existing material facts.”
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Fraudulent mortgage modifier sent to prison for $4 million scam

Joins three co-conspirators in federal prison
April 25, 2014
In exchange for up-front fees ranging from $400 to $2,000, Kelly and his colleagues would send their customers a do-it-yourself application package, which was virtually identical to the application that the government provides free of charge.
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SEC charges jailed broker with fraud in real estate scam

April 24, 2014

Vitale allegedly told his investors that their funds were “100% protected” when they were not, and he claimed to be a financial expert with a business degree from Notre Dame. In fact, he never attended college after graduating from Notre Dame High School in West Haven, Conn.

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Former CEO allegedly faked toxic mortgages to get TARP bailout

Charges in connection with mortgage fraud
April 3, 2014
“Metaxas allegedly orchestrated a fraudulent scheme to give the appearance that the bank was shoring up its finances by selling problem loans to outside investors,” said Christy Romero, Special Inspector General for the Troubled Asset Relief Program.
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Judge okays RMBS fraud lawsuit against Goldman Sachs

Detroit fire and police pension can sue for fraud
March 28, 2014
A U.S. federal district judge is giving the go ahead to a class-action lawsuit first filed in 2010 by the Detroit firefighter and police pension fund accusing Goldman Sachs (GS) of fraud in relation to the quality of loans in bundles of mortgage-backed securities.
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Bank of America close to beating DOJ $850M RMBS fraud suit

Justice Dept. hasn't proven allegations in FIRREA case
March 28, 2014
A U.S. magistrate is recommending dismissal of a federal case against Bank of America for fraud against investors regarding the quality of $850 million in loans bundled into mortgage-backed securities.
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