Judge Unseals Down Payment Gift Suit Against BofA, Others

Law360, New York (January 10, 2013, 9:03 PM EST) -- A California federal judge on Wednesday unsealed a qui tam complaint that accuses lenders Bank of America Corp., Countrywide Home Loans Inc. and others of False Claims Act violations for endorsing for federal insurance mortgages that fraudulently forced home buyers to pay back down payment gift fees.

The named defendants — which also include JPMorgan Chase Bank NA, Washington Mutual Bank FA, SunTrust Mortgage Inc. and First Tennessee Bank NA — and their affiliates allegedly originated and endorsed for federal mortgage insurance loans that they knew...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.