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
Posted in Legislation/Regulation, Too Big to Fail New York Attorney General Takes On Foreclosure Fraud, Including “Robosigning” New York Attorney General, Eric T. Schneiderman, has announced the introduction of a bill that would protect New Yorkers from fraudulent business practices in the foreclosure process, including “robosigning.” The Foreclosure Fraud Prevention Act of 2012 imposes new criminal penalties for those who intentionally engage… Continue Reading
Posted in Mortgage Repurchase The Financial Crimes Enforcement Network (“FinCEN”), a bureau of the U.S. Department of the Treasury, released its full-year 2011 update of mortgage loan fraud suspicious activity reports (MLF SARs) on April 23rd, 2012. The update shows that financial institutions submitted 92,028 MLF SARs last year, a 31 percent increase over the 70,472 submitted in 2010. SARs… Continue Reading