Archive for the ‘Mortgage Fraud’ tag
And Yet the Sale of Countrywide is Going to Happen
The sale of Countrywide Mortgage to Bank of America
absorbed another blow this week as three states took legal action against
the lender.
The attorneys general of California and Illinois and the Washington
State department that regulates financial institutions all filed
lawsuits against Countrywide on Tuesday alleging variations on
the theme of mortgage fraud.
In addition to the three new lawsuits, other legal
problems for Countrywide continue to surface…
Operation Malicious Mortgage Yields 400 Arrests
Following the third major “sweep” of the mortgage
industry in four years, the U.S. Department of Justice (DOJ) and
the Federal Bureau of Investigation (FBI) announced on Thursday that it
had arrested over 400 real estate industry players since March, dozens of
them over the last two days, for incidences of mortgage fraud that have
contributed to the housing crisis.