"Shahien Nasiripour had a very important scoop yesterday — a set of confidential federal audits has found a pattern of mortgage fraud at the nation’s five largest mortgage companies. The victim? Uncle Sam. The findings have been passed to the Justice department, which could prosecute the banks under the False Claims Act, which Shahien describes as “a Civil War-era law crafted as a weapon against firms that swindle the government”.
Shahien also brings us up to speed on where negotiations are with between the banks and the federal government:..."
at http://blogs.reuters.com/felix-salmon/2011/05/17/the-big-and-little-mortgage-fraud-news/
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