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...
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.