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.
Four Whistleblowers Who Sounded the Alarm on Banks’ Mortgage Shenanigans (ProPublica)
Related Life Planning Strategies Resources
Are your clients who are in the greatest need Long Term Care coverage getting declined?
For the first time, Assurity Life Insurance Company is providing INSTANT ACCESS to a consumer facing video that shares the story of a producer on his personal experience with surviving a critical illness and the benefits the policy delivered.