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The Consumer Financial Protection Bureau (CFPB), together with attorneys general and state banking regulators in 49 states, and the District of Columbia obtained a Consent Judgment requiring Ocwen Financial Corporation—who at the time, was the largest nonbank mortgage loan servicer in the country—and its subsidiary, Ocwen Loan Servicing, to ...
In December 2010, the SEC, the Department of Justice and other federal and state agencies announced the results of "Operation Broken Trust", a coordinated effort by the Financial Fraud Enforcement Task Force to target investment fraud. The operation resulted in prosecutions against 310 criminal defendants involving $8.3 billion in losses and ...
U.S. District Court for the Eastern District of Pennsylvania: filed 2010 Ruiz v. Estelle: prisoners' rights: United States District Court for the Southern District of Texas: 1979 Scheidler v. National Organization for Women (2003) anti-abortion activities: Supreme Court of the United States: 2003 Scheidler v. National Organization for Women (2006)
Was the financial crisis caused by "systemic failure" or mortgage fraud? Or a combination of the two? And why are so many American homeowners still paying the price?
The Fraud Enforcement and Recovery Act of 2009, or FERA, Pub. L. 111–21 (text), S. 386, 123 Stat. 1617, enacted May 20, 2009, is a public law in the United States enacted in 2009. The law enhanced criminal enforcement of federal fraud laws, especially regarding financial institutions, mortgage fraud, and securities fraud or commodities fraud.
Those employees, along with an army of contractors, are responsible for overseeing a loan portfolio that currently includes 48,000 PPP loans with an outstanding balance of $1.3 billion and dealing ...
Sheppard was charged with COVID-19 loan relief fraud under the Small Business Administration’s Paycheck Protection Program approved by Congress, which authorized $800 billion in loans through ...
1997–2005: Mortgage fraud increased by 1,411 percent. [39] 2000–2003: Early 2000s recession (exact time varies by country). 2001–2005: United States housing bubble (part of the world housing bubble). 2001: US Federal Reserve lowers Federal funds rate eleven times, from 6.5% to 1.75%. [40]