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CFPB Issues $15M Fines Over Mortgage Insurance Kickbacks

Law360, New York (April 4, 2013, 2:23 PM EDT) -- The Consumer Financial Protection Bureau on Thursday slapped four of the nation's largest mortgage insurance firms with fines totaling more than $15 million over allegations that they paid kickbacks to lenders in order to boost their business as part of a long-running scheme.

The CFPB alleges that the kickback scheme, which involved the use of bogus reinsurance contracts used to boost lender profits, stretched back to before the housing market exploded in the early part of the last decade. The kickback scheme inflated monthly costs for...
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