RE: INSTITUTIONAL ABUSE BY NATIONS FIVE LARGEST MORTGAGE COMPANIES
WASHINGTON -- A set of confidential federal audits accuse the nation’s five largest mortgage companies of defrauding taxpayers in their handling of foreclosures on homes purchased with government-backed loans, four officials briefed on the findings told The Huffington Post.
The five separate investigations were conducted by the Department of Housing and Urban Development’s inspector general and examined Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial, the sources said.
The audits accuse the five major lenders of violating the False Claims Act, a Civil War-era law crafted as a weapon against firms that swindle the government. The audits were completed between February and March, the sources said. The internal watchdog office at HUD referred its findings to the Department of Justice, which must now decide whether to file charges.
The truth is, if these big banks feel secure enough in swindling the Federal Government as the government alleges they have done, what probability is there that these or other major lenders would be willing to take advantage of the consumer or borrower?
With me, it has been and will always be very simple: WE WILL WORK HARD TO GET OUR CLIENTS THE VERY BEST INTEREST RATE, VERY BEST LOAN TERMS AND WE WILL DISCLOSE EVERY ELEMENT OF THE LOAN AND MAKE SURE THEY UNDERSTAND THE PLUSES AND MINUSES OF ALL OPTIONS WHEN MAKING THEIR LOAN SELECTION.
It is simply about integrity and the standards one chooses to live by. There have never been, nor will there ever be any abused clients with me. We just do a better job than any major lender, even the honest ones. It is absolutely true and absolutely that simple. We are more dedicated to the client than any other mortgage source we know. If you don't believe me, ask any past client. Have a good week.
