Major Banks Defrauded US During Foreclosures: Report

Law360, New York (May 16, 2011, 10:50 PM EDT) -- A federal housing watchdog has accused five major banks, including Bank of America Corp. and JPMorgan Chase & Co., of defrauding the government in seeking reimbursements on foreclosed on homes bought with federally-backed loans.

The confidential audits by the U.S. Department of Housing and Urban Development's inspector general examined BofA, JPMorgan, Wells Fargo & Co., Citigroup Inc. and Ally Financial Inc. in February and March, the Huffington Post reported Monday, citing four officials briefed on the reports.

HUD's inspector general accused the nation's largest banks of...
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