The United States last Thursday sued a New York mortgage company it said defrauded the federal government into insuring poor quality home loans, costing taxpayers millions of dollars. In a civil lawsuit filed in Manhattan federal court, the U.S. Department …
New York state’s lawsuit against JPMorgan Chase & Co. alleging fraud in mortgage-backed securities sold by Bear Stearns may be one of the broadest cases to come out of the financial crisis, but its impact is likely to be limited. …
Goldman Sachs Group Inc. must defend fraud claims brought by a bond insurance company over its notorious Abacus mortgage product deal, a New York state judge ruled, but she decided that the investment bank did not unjustly enrich itself. In …
A federal appeals court stopped just short of throwing out a judge’s controversial rejection of the U.S. Securities and Exchange Commission’s $285 million fraud settlement with Citigroup Inc over mortgage investments. The 2nd U.S. Circuit Court of Appeals chastised U.S. …
Troubled homeowners are not the only ones set to get a financial lift from the U.S. government’s $25 billion landmark mortgage settlement. Whistleblowers who were instrumental in revealing epidemic mortgage abuses, some of whom risked their careers to do so, …
Citigroup Inc. has agreed to pay $158.3 million to settle U.S. civil claims that it defrauded the government into insuring thousands of risky home loans made by its CitiMortgage unit. Wednesday’s settlement resolves claims under the federal False Claims Act …
A federal judge angrily threw out Citigroup Inc.’s proposed $285 million settlement over the sale of toxic mortgage debt, excoriating the top U.S. market regulator over how it reaches corporate fraud settlements. U.S. District Judge Jed Rakoff in Manhattan said …
New York’s highest court allowed the state Tuesday to proceed with a lawsuit that had accused First American Corp. and its eAppraiseIt unit of colluding with the former Washington Mutual Inc. to fraudulently inflate home values. The Court of Appeals …
A New York state judge granted the request of dozens of investors including pension funds, insurers and several Federal Home Loan Banks to intervene in Bank of America Corp.’s proposed $8.5 billion settlement with investors who lost money on mortgage-backed …
Insurer American International Group (AIG) is suing Bank of America Corp. to recover more than $10 billion of losses from a “massive fraud” on mortgage debt, deepening the morass of litigation faced by the largest U.S. bank. AIG is still …
