When you’re going through the often-tedious process of refinancing your mortgage, getting some bad information can only serve to make things worse. That’s why a West Virginia woman is suing Wells Fargo, alleging that the bank told her to stop making loan payments then put her into collections and foreclosure.
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Not nearly enough – just another pittance settlement. In the scheme of things it equates to a kiss on the cheek.
For the second time in just over six months, First Tennessee Bank, the regional bank for First Horizon National, is settling with the federal government over allegations that it violated U.S. lending laws.
In June 2015, First Tennessee Bank agreed to pay $212.5 million to resolve allegations that it violated the False Claims Act by “knowingly originating and underwriting mortgage loans insured by the Federal Housing Administration that did not meet applicable requirements.”
That settlement resolved allegations that First Tennessee failed to comply with FHA origination, underwriting and quality control requirements.
As part of the settlement, First Tennessee admitted that from January 2006 through October 2008, it “repeatedly certified” for FHA insurance mortgage loans that did not meet the Department of Housing and Urban Development’s underwriting requirements.
By Sydney Sullivan
Four astounding men, Gary Aguirre, Bill Black, Richard Bowen, and Michael Winston, are the founding members of the Bank Whistleblowers United. These well-educated men have the moral integrity and intelligence to see the damage Wall Street has caused and have devised a plan to prevent or at least reduce the frequency and harm of future economic crises.
We, as American citizens, know we have not recovered from the 2008 economic crisis as our present administration and Congressional leaders would like for us to believe. Although lots of warriors have stepped up to battle the banks, none have been as united or noteworthy as these four financial fraud-busting astronauts, venturing into a red banking hole existing in cyberspace which has been an arduous climb up-Hill (pun intended) to penetrate, decipher …and even more difficult to correct. Continue reading
Deadly Clear 