The law firm of Mahany & Ertl seeks to interview people who worked with Bank of America’s Private Label Securities (PLS) program. We are currently investigating a possible massive fraud involving investors who purchased PLS mortgage backed securities. We believe the bank has set aside billions of dollars to deal with loan buyback requests from […]
Banks Accused of TARP Fund Abuse – Whistleblower Post
by Brian Mahany The Inspector General for the federal government’s Troubled Asset Relief Program (TARP) issued a stinging report criticizing both small banks and the government itself. One TARP program, the Small Business Lending Fund, was intended by Congress to jump start the economy by getting loans to small business. Instead, some banks simply took […]
Bank of America "Too Big To Care" – Bank Fraud Post
[Updated May 2019] We are avid readers of Rolling Stone magazine. Although I read 20 to 30 magazines per month, one of my first stops each month at Barnes & Noble is the music and entertainment magazine section to see if the new Rolling Stone is out. Several months ago we were delighted to find […]
Is this a type of white collar crime? – Bank Fraud Post
by Dwight Haskins [Ed. Note: The following post comes courtesy of Dwight Haskins and is published with permission. Dwight discusses the company hired to insure that the big banks were properly reviewing their mortgage loan files. His post is one of corporate incest and ineptitude.] Here is my nomination for what should be allowed to […]
David vs Goliath (Bank Fraud Post)
by Brian Mahany The following post is an email from a client. It is reposted with permission. For privacy reasons, we have changed her name to “Jane” and redacted identifying information. Brian, I spent some time this AM reading your blog posts on my case and “Legal Abuse Syndrome”. Well done, and thank you. I […]
Banks As Model Citizens – (Bank Fraud Post)
by Brian Mahany Banks as model citizens. Some folks might laugh but we know of many, well run small community banks that are model citizens. It’s the big banks that really frighten us. Whether they are “too big to fail”, “too big to jail”, or simply “too big to care”, most big banks are not […]
Brits Fine Lloyds Banking Group For Payment Delays
by Brian Mahany We don’t discuss offshore stories very much unless it involves taxes. Seeing one of Great Britain’s leading dinged by regulators is worth discussing, however. Lloyd’s is one of the largest banks in Great Britain. Like some U.S. banks, Lloyds decided to offer payment protection insurance (PPI). This is the type insurance that […]
Crisis Of Confidence – America's "Too Big To Care" Banks
by Brian Mahany It’s been a half decade from the dark days of the 2007-2008 financial crisis. Since then, most banks have paid back their TARP monies, government regulators have subjected banks to numerous “stress tests” to insure they are financially stable and Congress passed dozens of new laws to better regulate banks. There is […]
JP Morgan Chase Faces Sanctions Over Refusal To Cooperate In Madoff Probe – Bank Fraud
by Brian Mahany America’s “Too Big To Fail, Too Big To Jail” banks have always been favorite targets of ours. Not a day goes by without one of the big banks being in some sort of legal trouble or regulatory hot water. We have heard countless stories of how these lenders have abused their business […]
David v Goliath – Homeowners Beat Wells Fargo, Freddie Mac In Foreclosure
[Post updated related to COVID-19 forbearances] We like rooting for the underdog. Particularly when the underdog has no lawyer and takes on the Federal Home Loan Mortgage Company (“Freddie Mac”). Freddie Mac is a government sponsored enterprise with over $2 trillion in assets. They certainly can afford great lawyers and take on small homeowners who dare […]
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