A Nation investigation can now reveal how JPMorgan met part of its $8.2 billion settlement burden (to provide consumer relief): by using other people’s money. Here’s how the alleged scam worked. JPMorgan moved to forgive the mortgages of tens of thousands of homeowners; the feds, in turn, credited these canceled loans against the penalties due Read more

DocX’s clients were residential mortgage servicers.  They hired DocX to, among other things, assist in creating and executing mortgage-rated documents to be filed with recorders’ offices.  The servicers authorized specific DocX personnel to sign the documents on their behalf.  According to Brown’s plea documents, she directed employees to forge and falsify signatures on these documents… Read more

The settlement resolves allegations over the Jacksonville, Florida-based company’s involvement in what the government called a six-year scheme to prepare and file more than 1 million fraudulently signed and notarized mortgage documents in property recorders’ offices nationwide from 2003 to 2009. Friday’s accord also follows a guilty plea last November by Lorraine Brown, the former Read more

The mortgage lending operations of Washington Mutual Inc., the biggest U.S. bank ever to fail, were threaded through with fraud, Senate investigators have found. Sen. Carl Levin, D-Mich., the chairman, said …Washington Mutual “was one of the worst,” n some cases, sales associates in WaMu offices in California fabricated loan documents, cutting and pasting false Read more

Bank of America’s case was the first to go to trial, a rarity given that banks more typically choose to settle claims instead of face a jury. … In a statement, Bharara said Bank of America “chose to defend Countrywide’s conduct with all its might and money, claiming there was no case here.” sOURCE: reuters.com… Read more

Eileen Foster, a former senior executive at Countrywide Financial, told CBS’s “60 Minutes” … “From what I saw, the types of things I saw, it was — it appeared systemic. It, it wasn’t just one individual or two or three individuals, it was branches of individuals, it was regions of individuals,” “All of the — Read more

JP MORGAN V. POCOPANNI DUVAL, COUNTY FLORIDA CASE NO.: 16-2008-CA-3989 Read more

About 43 percent of the loans sold to the mortgage giants were materially defective, the government said. The lawsuit was the first financial crisis-related case against a bank by the Justice Department to go to trial under the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA). The law, passed in the wake of the 1980s Read more

A ,,, report dated Jan. 13, 2004 by the FDIC and Washington state banking regulators reviewed 4,000 of the warehoused (WaMu) … loans and found only 950 or 25% were saleable, 800 were unsaleable and the remaining 3,245 contained defiencies “requiring remediation prior to sale.” According to subcommittee’s findings a 2005 internal probe of two Read more