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Banks Escape Criminal Fraud With “Settlements” But Civil Fraud and Qui Tam Actions Are Just Getting Started

Livinglies's Weblog

http://recorderstandard.com/2015/12/bank-of-america-smacked-with-foreclosure-fraud-lawsuits/

by Manuel Ortega

Although Bank of America (BoA), along with other big banks like Wells Fargo, Citibank, Ally/GMAC and JPMorgan Chase, recently reached a very favorable settlement of potential criminal fraud charges related to their mortgage lending practices, two recently unsealed civil fraud lawsuits against BoA reveal they may not be out of the woods just yet. Such whistleblower suits allow individuals, usually ex- employees, with knowledge of fraud committed against the federal government to bring suit on its behalf and collect a portion of any damages awarded. The federal government has until March 16 to decide whether to intervene in these suits on the side of the plaintiffs. Two such fraud suits filed against Bank of America shine a bright light on abuses in the mortgage industry that led to the 2007 housing crash and continued as late as 2011. Recorder Standard http://recorderstandard.com/2015/12/bank-of-america-smacked-with-foreclosure-fraud-lawsuits/

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