Reinsurance | FORECLOSURE FRAUD | by DinSFLA

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Banks Took $6B in Reinsurance Kickbacks, Investigators Say

Banks Took $6B in Reinsurance Kickbacks, Investigators Say


This is a must read. There is no end to this mess. ENJOY!

American Banker-

Many of the country’s largest banks received $6 billion in kickbacks from mortgage insurers over the course of a decade, according to a previously undisclosed investigation by the Inspector General of the Department of Housing and Urban Development.

The allegations, since referred to the Department of Justice, stem from lenders’ demand that insurers cut them in on the lucrative business of insuring the mortgages they produced during the housing boom.

In exchange for the their business, companies such as Citigroup Inc, Wells Fargo & Co, SunTrust Banks Inc. and Countrywide allegedly required reinsurance partnerships on generous terms that violated the Real Estate Settlement Procedures Act, a 1974 law prohibiting abusive home sales practices.

[AMERICAN BANKER]

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