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The 2010 United States foreclosure crisis, sometimes referred to as Foreclosure-gate or Foreclosuregate, [ 1 ][ 2 ] refers to a widespread epidemic of improper foreclosures initiated by large banks and other lenders. The foreclosure crisis was extensively covered by news outlets beginning in October 2010, and several large banks—including ...
As the documents are labeled "Ex Bank of America Employee Can Prove Mortgage Fraud 1," but the information thus-far revealed doesn't really involve mortgage fraud, perhaps a "Part 2" will include ...
The Bank of America Corporation (often abbreviated BofA or BoA) is an American multinational investment bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina, with investment banking and auxiliary headquarters in Manhattan. The bank was founded by the merger of NationsBank ...
The FBI Internet Crime Complaint Center (IC3) received more than 101,000 reports of scams and fraud against people ages 60 and older in 2023, causing seniors to lose over $3.4 billion. And those ...
Mortgage elimination is a type of mortgage fraud in the United States.In this scam, the promoter first convinces a mortgage holder (lender) that the debt that has been contracted is invalid or legally unenforceable, usually due to a combination of alleged technicalities in the note, deed of trust, or other loan documentation signed; the promoters often link their rationale for debt elimination ...
Mazor calls it “customer-enabled fraud loss,” noting that “it’s often way more devastating because people feel responsible for the crime.” Elaborate catfishing scams can unfold over months.
In 2013, the jury found Bank of America liable for selling Fannie Mae and Freddie Mac thousands of defective loans in the first mortgage-fraud case brought by the U.S. government to go to trial. [40] The civil verdict also found the bank’s Countrywide Financial unit and former Countrywide executive Rebecca Mairone liable. [41]
The best way to combat bank fraud is to be aware of common scams so you don’t fall victim. To help you get informed, he shared five signs someone is impersonating your bank . 1.