Wells Fargo, JPMorgan Pay $36M In Mortgage Kickback Deal

Law360, New York (January 22, 2015, 4:14 PM EST) -- The Consumer Financial Protection Bureau and Maryland Attorney General Brian Frosh hit Wells Fargo & Co. and JPMorgan Chase & Co. with a combined $35.7 million penalty on Thursday for engaging in a mortgage kickback scheme with a title company.

The CFPB and Frosh allege in a complaint filed in federal district court in Baltimore that Wells Fargo and JPMorgan loan officers steered business to Genuine Title, a Maryland company that went out of business in April, in return for services including data on potential customers...
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