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Mortgage Crisis Watch Business and legal issues affecting: loan repurchases | mortgage-backed securities | mortgage insurance

Tag Archives: fraud

Wells Fargo: Department of Justice Not Playing Fair

By Russell Koonin and Robert Siegel on Posted in Too Big to Fail

Crying Foul Wells Fargo has recently cried foul, claiming that the Department of Justice’s latest lawsuit against it in the Southern District of New York violates the terms of a settlement agreement Wells had previously reached with the federal government. And not just any settlement; Wells Fargo is referring to the infamous “Robo-signing” “deal” among… Continue Reading

Banks’ After-The-Fact Appraisals Fuel Buyback Demands

By Sacha Boegem and Philip R. Stein on Posted in Legislation/Regulation, Mortgage Repurchase

Justin T. Hilley  of HousingWire.com reports that audits done by Quality Mortgage Services (“QMS”) “indicate that many demands by financial institutions that lenders buy back mortgages are based on fraudulent appraisal schemes in an attempt to increase the success of repurchase claims.” According to Hilley’s report, QMS “believes some appraisers are systematically being pressured to use a… Continue Reading