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Bank of America is being sued for $1 billion for an alleged mortgage fraud

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...ies for alleged mortgage fraud. The US government alleges that Wells Fargo lied about the quality of mortgages it handled, leading to huge losses for the Federal Housing Administration. Wells Fargo has denied the allegations.   Related search articles:recent fraud cases 2013 mortgage fraud 2013 ohio mortgage fraud ohio 2013 Recent Fraud Casesofmortgages recent penalties in Mortgage Fraud Cas...

JP Morgan bought the investment bank Bear Stearns in March 2008

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...87bn value of the securities. The NYAG wants the company to pay an undisclosed amount of damages for investor losses “caused, directly or indirectly, by the fraudulent and deceptive acts”.   Related search articles:performance of mortgages sold by bear stearns for which jp morgan is being sued photos of official taking upskirts photos of women boarding plane airplane upskirt pics...

Bank of America has agreed to pay US government mortgage agency Fannie Mae $3.6 billion to settle claims relating to residential home loans

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...anding balances of $300 billion. Bank of America said the settlements were “a significant step in resolving our remaining legacy mortgage issues”. In October, the US government sued the bank for alleged mortgage fraud, accusing subsidiary Countrywide Financial of selling thousands of toxic home loans to Fannie Mae and Freddie Mac. Earlier in the month, it took similar action against th...

Morgan Stanley has agreed to pay $1.25 billion to settle a lawsuit over the sale of mortgage-backed securities

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...esult of the settlement with the US regulator. The US government filed lawsuits against 17 financial institutions in 2011 over the sale of residential mortgage-backed securities. The mortgage securities became toxic when the US housing market collapsed. Morgan Stanley has agreed to pay $1.25 billion to settle a lawsuit over the sale of mortgage-backed securities In December 2013, Germany’s...

JP Morgan is set for a record $13 billion fine to settle investigations into its mortgage-backed securities

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...ank in future but does not mean that criminal cases against individuals are ruled out. JP Morgan had initially aimed to persuade US justice department officials to drop the criminal investigation but the attorney general ruled that out, reports said. In August, US government officials filed two lawsuits against Bank of America relating to mortgage-backed securities. Bank of America denied civil fr...

Kweku Adoboli, the City trader who lost $2.2 billion of Swiss bank UBS's money, has been found guilty of two counts of fraud

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...s:mantak chia fraud 52 democrats arrested voter fraud www toyotaELsettlement ca toyota el settlement fraud 52 democrats arrested for voter fraud walter culkin democrats arrested for voter fraud latest on those involved with the elegado scam eric elegado charged 2014 news on eric elegado sentencing for fraud vitaly zdorovetskiy arrested WHAT IS TOYOTAELSETTLEMENT Jailed for a4v fraud 2013 A4V Scam...

Credit Suisse has agreed to pay $885 million to settle claims it mis-sold mortgage-backed securities in the US before the financial crisis

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Credit Suisse has agreed to pay $885 million to settle claims it mis-sold mortgage-backed securities in the US before the financial crisis. The Swiss bank was accused of misleading US government-backed mortgage giants, Fannie Mae and Freddie Mac, over the quality of the products. Fannie Mae and Freddie Mac, which received government bailouts in 2008, will be paid $234 million and $651 million res...

The US government filed two lawsuits against Bank of America relating to fraud on $850 million of mortgage-backed securities

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...who have been victimized.” Bank of America denied the charges, arguing “these were prime mortgages sold to sophisticated investors.” The bank already hinted it expected the suits in a filing last week. The US government filed two lawsuits against Bank of America relating to fraud on $850 million of mortgage-backed securities In the Justice Department suit, the government alleged...

Asian markets have risen, following gains on Wall Street, after the US Federal Reserve unveiled its latest stimulus plan

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Asian markets have risen, following gains on Wall Street, after the US Federal Reserve unveiled its latest stimulus plan. The US central bank said it would buy $40 billion of mortgage debt a month and kept interest rates at below 0.25%. It said it would also continue its programme to reduce long-term borrowing costs for firms and households. Japan’s Nikkei 225 index rose 1.8%, South Korea&#...

Kim Kardashian was spotted at the Bal Harbour luxury shopping mall in Miami, Florida, cutting a sad figure, a sign her ugly split from Kris Humphries is weighing heavily on her

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...acceptable for a settlement would be if Kim agrees to Kris’ contention that the marriage was a fraud.” The insider added: “There is a stand-off at this point because Kim will never agree to that, she says the marriage wasn’t a fraud. It just didn’t work out.” It was revealed earlier this week that Kris Humphries’ lawyers want to study video footage from reality show Kourtne...

Eighteen people have been charged with stealing at least $200 million in a credit card fraud ring, possibly one of the largest in US history

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Eighteen people have been charged with stealing at least $200 million in a credit card fraud ring, possibly one of the largest in US history. The scam allegedly involved thousands of fake identities and businesses, lying to credit rating agencies and wiring some of the proceeds abroad. An FBI agent said the accused had used “a virtual cafeteria of sophisticated frauds and schemes”. Th...

Birmingham was the first city, after London, where rioting has erupted in, with store windows being smashed and shops being looted

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...A police spokesman said the force had been prepared for the possibility of disorder following events in other parts of the UK and vowed to bring those responsible to justice. The disturbances were eventually brought to an end in the early hours of Tuesday. Related search articles:kris aquino latest news ruth england nip Chelsy Davy Latest News 2013 BBC Breakfast Presenters Legs kris aquino latest...

JP Morgan has agreed to pay $4.5 billion to investors who lost money on mortgage-related securities during the financial crisis

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JP Morgan has agreed to pay $4.5 billion to investors who lost money on mortgage-related securities during the financial crisis. The settlement is with 21 major institutional investors. Mortgage-related investments were a major factor in the crisis, which began in 2007 with the collapse of the US housing market. Last month JP Morgan agreed a separate, preliminary $13 billion deal with the US gove...

Bank of America's Countrywide Financial unit was found liable for defrauding two US government-backed mortgage companies

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...o something called the subprime crisis, which hurt investors globally and caused billions of dollars in losses. Since then, banks have been under pressure to resolve claims on potentially faulty mortgages. The US Department of Justice is investigating at least nine banks over their sales of mortgage-backed securities. Related search articles:US Bank and countrywide financial cear milan a hoax f...

Kweku Adoboli enjoyed parties and the company of attractive women

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...al trading. London Police detained the suspected rogue trader, who works for Swiss banking group UBS in raid at 3:30 a.m. on Thursday at his luxury London flat. Kweku Adoboli is Ghanaian origin, but he was privately educated in UK and is the son of a retired UN worker. He is accused of being responsible for the biggest loss ever accrued by a single trader based in London. The $2 billion fraud figu...

Silvio Berlusconi’s conviction for tax fraud has been upheld by an appeals court in Milan

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...o Berlusconi, whose People of Freedom (PdL) party is part of Italy’s new coalition government. In the eyes of the law Silvio Berlusconi is a convicted fraudster, but he will argue as he always does that all his legal troubles are the simply the work of his political enemies – left-wing elements in the judiciary. In March, silvio Berlusconi was sentenced to a year in jail after being co...

Jesse Jackson Jr., former congressman and son of Chicago civil rights leader the Rev Jesse Jackson, has been charged with spending campaign funds on personal expenses

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...ept my responsibility for the improper decisions and mistakes I have made,” Jesse Jackson said in a statement. Jesse Jackson is charged in federal court in Washington DC with conspiracy, fraud, and making false statements. Prosecutors say Sandi Jackson filed false tax forms that underreported how much tax the couple owed. Jesse Jackson “unlawfully, willfully and knowingly combined, con...

German authorities in the northern state of Lower Saxony are investigating allegations of fraud over the mislabelling of eggs as organic

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German authorities in the northern state of Lower Saxony are investigating allegations of fraud over the mislabelling of eggs as organic. The authorities have launched an investigation into allegations that 150 farms had mislabelled their eggs. It is claimed that the hens live in conditions that do not conform to organic regulations. The farm minister said that if the accusations are proved to be...

Russian lawyer Sergei Magnitsky, who died in 2009, has been found posthumously guilty of tax fraud by a Moscow court

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Russian lawyer Sergei Magnitsky, who died in 2009, has been found posthumously guilty of tax fraud by a Moscow court. Sergei Magnitsky was arrested in 2008 after accusing officials of tax fraud, but was later himself accused of the crime. His death in custody a year later led to a major diplomatic dispute between Russia and the United States. In the same trial, William Browder, CEO of Hermitage C...

JP Morgan had a relationship with Bernard Madoff dating back to 1986

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...JPMorgan boss Jaime Dimon has taken a proactive stance in ridding the bank of various investigations into its practices over the past year. In his annual letter to shareholders from April 2013, Jaime Dimon wrote: “I feel terrible that we let our regulators down.” The bank is still facing scrutiny from US regulators over its hiring policies in China. Shares in JPMorgan fell slightly on...

Russell Wasendorf Sr, founder of futures broker Peregrine Financial Group, has pleaded guilty to a fraud involving 24,000 customers

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...0 years ago. Russell Wasendorf Sr., 64, was once regarded as a noble figure who supported a range of institutions from health care to universities. He now faces at least 24 years in jail. Prosecutors said: “He has gone from being a hero… to a villain.” In court, Russell Wasendorf pleaded guilty to charges including mail fraud, embezzling customer funds and making false statements...

Ongoing problems with the latest version of SimCity led Amazon to briefly stop selling the game

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...with the game. These have contributed to the one-star score purchasers have given SimCity on Amazon. In official discussion forums and on its Twitter feed EA has apologized for the trouble players have had. In one of its latest messages, an EA spokeswoman said it had added server capacity and rolled out a quick fix to SimCity servers to speed up game play and get more people into the game. To ligh...

Standard & Poor's has announced it is to be sued by the US government over the credit ratings agency's assessment of mortgage bonds before the financial crisis

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...announced it is to be sued by the US government over the credit ratings agency’s assessment of mortgage bonds before the financial crisis. The civil lawsuit would focus on S&P’s high ratings in 2007 for some mortgage-backed securities that later collapsed in value, said the agency. S&P says the case is entirely without factual or legal merit. The suit would be the first such ca...

UBS reached an agreement in principle with the FHFA over the investments sold between 2004 and 2007

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...2004 and 2007 UBS’s board is refocusing the bank on serving wealthy clients, slimming down its investment banking and trading operations and cutting 10,000 jobs in the process. The decision to make the investment bank subservient to its private banking business came after a string of scandals, including heavy losses on US mortgages during the financial crisis, losses incurred by the rogue Lo...

Silvio Berlusconi has said he feels "obliged" to stay in politics, a day after receiving a jail term for tax fraud

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...r office – confining himself to “giving advice, experience, speaking and judging without intruding”. Silvio Berlusconi has said he feels “obliged” to stay in politics, a day after receiving a jail term for tax fraud Silvio Berlusconi’s lawyers said on Friday that he would appeal against the four-year jail sentence for tax fraud, according to media reports. The...