More Proof of DoJ Lack of Interest in Enforcing the Law: The Case of the Kickback-Demanding Banks
By Yves Smith
In this world of rampant banking miscreance, it may seem hard to get worked up about $6 billion in impermissible kickbacks. But this is a case of a clear-cut legal violation, with the particulars sent to the Department of Justice by the HUD Inspector General’s office on a silver platter. And one of the alleged big bad actors was the ever-sanctimonious Wells Fargo.
American Banker has a detailed write-up of a kickback scheme between major banks who were mortgage originators, in particular Wells, Citigroup, Countrywide, and SunTrust and mortgage insurers.
Posted in Economy Economics, Housing
Tagged banksters, Citigroup, Countrywide, dept of justice, economy, Foreclosure Task Force, government bribes, housing urban development, hud, kickbacks, mortgage fraud, SunTrust, Wells Fargo
By Abigail Field
At one minute past midnight on Monday morning, a hacker collective released a set of emails on the website BankofAmericaSuck.
While all the allegations in the leaked documents involve Bank of America (BAC) — through a soon to be ex-subsidiary called Balboa Insurance — they also implicate many other big banks that are clients of Balboa, including: “GMAC, Aurora Loan Services [a subsidiary of Lehman Bros Holdings], IndyMac Federal Bank [a subsidiary of OneWest Bank], Saxon, HSBC, PennyMac [a collection agency started by former Countrywide Home Loans executive Stan Kurland after CHL and Balboa were sold to BAC], Downey Savings and Loans, Financial Freedom, Select Portfolio Services, Wells Fargo/Wachovia and [BofA].”
Posted in Economy Economics
Tagged anonymous, Aurora Loan Services, Balboa Insurance, Bank of America, banksters, corruption, Countrywide, Downey Savings and Loans, Financial Freedom, GMAC, HSBC, IndyMac Federal Bank, lehman bros, OneWest Bank, PennyMac, regulator conspiracy, Saxon, Select Portfolio Services, Wells Fargo/Wachovia, wikileaks