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BUSTED | Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial Federal Audits Accuse Firms Of Defrauding Taxpayers
"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
WASHINGTON
-- A set of confidential federal audits accuse the nation’s 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 Development’s 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.
Definitely check out the rest of this in depth report from the Huffington Post here...
Checkmate???
www.4closureFraud.org
»
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Eric the Bag Holder's job is to arrange pardons for bankers in exchange for large dollar campaign contributions. The Senate was perfectly aware of the the contributions received sourrounding the Marc Rich pardon a decade ago, and confirmed Bag Holder as Attorney General.
"The False Claims Act allows the government to recover damages worth three times the actual harm plus additional penalties."
no. no. no.
ALWAYS substitute for "wrist slap" penalties when posting....