Posted on 05/16/2011 3:46:07 PM PDT by tomd2
BUSTED | Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial Federal Audits Accuse Firms Of Defrauding Taxpayers By 4closureFraud Created 05/16/2011 - 17:36 [1]
"The Justice Department is now contemplating whether to use the HUD audits as a basis for civil and criminal enforcement actions, the sources said. The False Claims Act allows the government to recover damages worth three times the actual harm plus additional penalties."
It's about damn time!
Let's see where this takes us...
Maybe, just maybe, they actually have been doing their jobs...
Confidential Federal Audits Accuse Five Biggest Mortgage Firms Of Defrauding Taxpayers [2] WASHINGTON -- A set of confidential federal audits accuse the nations five largest mortgage companies of defrauding taxpayers in their handling of foreclosures on homes purchased with government-backed loans, four officials briefed on the findings told The Huffington Post.
The five separate investigations were conducted by the Department of Housing and Urban Developments inspector general and examined Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial, the sources said.
The audits accuse the five major lenders of violating the False Claims Act, a Civil War-era law crafted as a weapon against firms that swindle the government. The audits were completed between February and March, the sources said. The internal watchdog office at HUD referred its findings to the Department of Justice, which must now decide whether to file charges.
The federal audits mark the latest fallout from the national foreclosure crisis that followed the end of a long-running housing bubble. Amid reports last year that many large lenders improperly accelerated foreclosure proceedings by failing to amass required paperwork, the federal agencies launched their own probes.
The resulting reports read like veritable indictments of major lenders, the sources said. State officials are now wielding the documents as leverage in their ongoing talks with mortgage companies aimed at forcing the firms to agree to pay fines to resolve allegations of routine violations in their handling of foreclosures.
Checkmate???
http://www.zerohedge.com/article/busted-bank-america-jpmorgan-chase-wells-fargo-citigroup-and-ally-financial-federal-audits-a Link http://4closurefraud.org/ http://4closurefraud.files.wordpress.com/2010/08/checkmate.png
“Pursuing the banksters with a Civil War era law, False Claims Act.”
NOT GONNA HAPPEN, FOLKS....
Obama needs the Big Bankers money for 2012. It’ll make great campaign fodder for the media, showing Obama is “For the little guy!”, while the big banks throw TONS of cash at him to keep DOJ off thier backs.
And, Obama has already PROVEN what he told those very same Big Bankers in San Fransisco, “it’s only campaign rhetoric!”.
Agreed, using DOJ/HUD in shakedown for campaign dollars. Obama says, “Pay me now or pay me later, but you will be paying.” Old protection racket from the hood by the community organizer. He started this whole shakedown racket with Acorn and gave classes to others so they could get their redistribution proceeds.
“Agreed, using DOJ/HUD in shakedown for campaign dollars. Obama says, Pay me now or pay me later, but you will be paying.”
It IS the way of the Fascist, after all.
You should read Gunther Reimann’s “Vampire Economy: Doing business in Nazi Germany”, written in 1939. It’s quite an eye-opener.
Well, I took out mortgages on my investment properties. Perhaps they tricked me... should I claim I thought it was free money and I had no idea I would have to repay the loans? Maybe they’ll just rip up the notes and I’ll own the places free and clear... way to go Obama!!!
If the homes were previously foreclosed on there is a good chance your title is not clear.
Nope, they were just normal sales.
With all the stuff coming out about the banks it kind of makes me want to go buy a house, not make the mortgage payments and get a free house. (sarcasm off) What a mess and the upside is we all get screwed.
maybe. ask your servicer for the securitization of the loans info. even commercial/investment loans are securitized now. then compare that to the chain of holder of note in due course as filed with the local land records. if they dont match, stop paying the mortgage and get ready for the legal challenge to their right to foreclose.
“if they dont match, stop paying the mortgage and get ready for the legal challenge to their right to foreclose.”
Try that shit in California and you will go to jail!
Go to jail? Why?
there is an attorney that is in the slamer now for doing just that!
That doesn’t answer the question, on what grounds?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.