Justice Department's best friend in mortgage cases: the False Claims Act

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Justice Department’s best friend in mortgage cases: the False Claims Act

Justice Department’s best friend in mortgage cases: the False Claims Act

Reuters-

When the U.S. Justice Department sued Bank of America Corp last week for $1 billion, federal prosecutors in Manhattan once again based their case on the False Claims Act, the Civil War-era whistle-blower law that’s recently become the Justice Department’s handiest tool in its efforts to hold banks accountable for their role in the mortgage meltdown and foreclosure crisis.

The FCA permits private whistle-blowers to file suits alleging that the government has been defrauded. The Justice Department then determines whether to intervene and litigate the whistle-blower’s claims. If the suit pans out — which is almost always the case if the government intervenes — private plaintiffs receive a cut of whatever the Justice Department recovers.

[REUTERS ON THE CASE]

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One Response to “Justice Department’s best friend in mortgage cases: the False Claims Act”

  1. Charles Reed says:

    Wells Fargo problem is bigger than this one $1 billion as their involvement with the Washington Mutual Bank government insured loans blows the top off the Ponzi scheme over at Ginnie Mae.

    You right now have 800,000 foreclosed home that the OCC & Federal Reserve Board have already determine that these borrowers should have qualified for the HAMP modification.

    This case currently will see who got the best of that $25 billion settlement. To me that states and federal government where settling borrowers disputes and state issues and separately made sure they pointed out BOA for a $1 billion dollar claim for false claim against the Federal Government and Citi settled for $150 million.

    I think Wells Fargo is going to get what coming to them as they were not single out for there false claims, but they are not going to be alone with finally the cover is pulled back on its RICO type activity with Ginnie Mae and MERS. Open up that pocketbook, as it going to get ugly, because you let thing boil to the surface.

    What you have in Wells Fargo Bank who is arrogant and felt untouchable but I am reaching out and touching you, for the widespread fraud. The states of Washington, Oregon, Ohio and Nebraska when they wake up all have either ruled or have laws on the book where you must have a financial interest in the loan to be a party to the lien as Wells Fargo is not the “holder in due course” and cannot provide proof they ever purchase any of the loan they were servicing for Washington Mutual Bank.

    There other problem is explaining how you can relinquish a blank Note to Ginnie Mae and get that back? The answer is you cannot because the Notes have become non-negotiable as the Note, debt & title are separated for the purpose that if the lender/insurer default, Ginnie Mae already owns the blank Notes because they are in physical possession of in according with UCC 3. However what happens is by relinquishing the blank Note without it being purchase by Ginnie Mae the loans can never be called due because there is no debt because the Note holder does not hold the debt by law.

    Wells Fargo you see the name now you know the game, so keep playing stupid, but you will pay because once the scheme is understood as I been telling it, it means currently We the People are owed with treble damage included currently $24 trillion. Pay up boys!

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