NY Lender To Pay $1.2M Over Mortgage Fraud Role

Law360, New York (December 2, 2011, 5:24 PM EST) -- Mortgage lender Cambridge Home Capital LLC agreed Thursday to pay $1.2 million to settle allegations that as part of a house-flipping scheme, it had fraudulently secured loans that all ended in default, costing the U.S. government millions.

Under the terms of a consent decree with the U.S. Department of Justice, New York-based Cambridge admitted that it had submitted records to the U.S. Department of Housing and Urban Development that overstated the mortgagors' incomes or understated their liabilities, and that it had made payment to their creditors...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

United States of America v. Buy-A-Home, LLC et al


Case Number

1:10-cv-09280

Court

New York Southern

Nature of Suit

Other Statutory Actions

Judge

Lorna G. Schofield

Date Filed

December 13, 2010

Law Firms

Companies

Government Agencies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.