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Bank settle multi-million dollar suit

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Mortgage Professional America | 09 Oct 2015, 06:30 AM Agree 0
One lending institution will pay a hefty sum after admitting to carrying out a Federal Housing Administration insurance fraud
  • Griff | | 09 Oct 2015, 02:40 PM Agree 0
    WHAT! A bank discovered a problem in 2012 but did not out themselves? LOL
  • Shocked! | | 09 Oct 2015, 03:18 PM Agree 0
    I am shocked too. I had so much faith in the honesty of banks. What am I going to do now?

    On a more serious note:

    If a bank does something illegal that makes it, say $1 billion and
    if they get caught and have to pay, say $104 million

    that means they're still left with $896 million.

    That means they have 896 million incentives to do it again.
  • | | 10 Oct 2015, 02:14 PM Agree 0
    All these settlements with the Government seem to involve money only. Banks ( corporations) do not commit fraud. individuals in the banks do. I don't see any bank officers going to prison. When a bank pays 85 million in fines the cost of this fine is real paid by the banks shareholders. Unless a few bank officers go to prison, this kind of fraud and violations of the law will not stop.
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