Filed Under:Markets, Company News

Four Whistleblowers Who Sounded the Alarm on Banks’ Mortgage Shenanigans (ProPublica)

Among the final documents filed last week in the mortgage settlement with banks are whistleblower cases that shed light on the abuses by banks. Suits have been settled as part of the $25 billion mortgage deal, but they were filed under the False Claims Act, which provides incentives for whistleblowers to come forward in cases where someone has defrauded the government. Whistleblowers can receive up to 25% of the total settlement from False Claims suits. Following are four particular suits and their settlements: Bank of America cut qualified homeowners out of HAMP – $6.5 million, JPMorgan Chase hid fees from veterans program – $45 million, Countrywide defrauded the FHA – $75 million and Robosigning at Bank of America, Wells Fargo, JPMorgan and Citi – $95 million.

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