From CNN Money-
Bank of America, JPMorgan Chase (JPM), Wells Fargo (WFC), Citigroup (C) and Ally Financial violated the federal False Claims Act, according to officials briefed on federal investigations who spoke to the Huffington Post. The unnamed officials say the banks submitted faulty documents in seeking federal reimbursement from the Federal Housing Administration homes they’d foreclosed on.
This comes on top of countless other legal investigations the banks are facing by federal and local regulators, including a wide-ranging probe by all 50 state attorneys general, which also focuses on shoddy mortgage practices. The Department of Housing and Urban Development reportedly has the goods to nail the five banks for their scam and it’s now up to the Department of Justice whether or not to sue.
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Click on her prior story which broaches the possibility that the problems caused by the banks may be so big that we just cannot solve these problems…..
