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Kamala D. Harris

Californian Busted for $5.8 Million Mortgage Fraud Scheme

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Christy Romero, Special Inspector General for the Troubled Asset Relief Program (SIGTARP); Benjamin B. Wagner, United States Attorney for the Eastern District of California; Kamala D. Harris, California Attorney General; and José M. Martinez, Special Agent in Charge, Internal Revenue Service—Criminal Investigation, have announced that Alan David Tikal of Brentwood, in Contra Costa County, Calif., was convicted on 11 counts of mail fraud and one count of money laundering in a mortgage fraud scheme.Click to continue

California to Get $100 Million-Plus in Historic Citi Settlement

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California State Attorney General Kamala D. Harris, along with the U.S. Department of Justice and state partners, have announced a settlement with Citigroup Inc. to resolve federal and state civil claims related to Citigroup’s conduct in the packaging, securitization, marketing, sale, and issuance of residential mortgage-backed securities prior to Jan. 1, 2009.Click to continue

California AG Nabs Seven in Loan Mod Scheme

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California Attorney General Kamala D. Harris has announced the arrest of seven suspects who have been charged in a mortgage fraud scheme that defrauded more than 1,550 Inland Valley homeowners seeking loan modification services during California’s foreclosure crisis. The felony complaint alleges that Nehad “Nick” Ayyoub Ayyoub of San Bernardino and president of The Firm Loans, Insurance and Investments Inc.Click to continue

California Attorney General Takes Down Title Fraud Ring

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California Attorney General Kamala D. Harris announced the arrest of five individuals who allegedly ran a statewide housing scheme by using adverse possession laws to fraudulently seize at least 23 homes in nine counties.Click to continue

CFPB Scores $2.1 Billion Servicing Settlement Against Ocwen

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The Consumer Financial Protection Bureau (CFPB), authorities in 49 states, and the District of Columbia filed a proposed court order requiring the country’s largest non-bank mortgage loan servicer, Ocwen Financial Corporation, and its subsidiary, Ocwen Loan Servicing, to provide $2 billion in principal reduction to underwater borrowers. The consent order addresses Ocwen’s systemic misconduct at every stage of the mortgage servicing process.Click to continue

JPMorgan Reaches Record $13 Billion MBS Accord With DOJ

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The U.S. Department of Justice, along with federal and state partners, has announced a $13 billion settlement with JPMorgan—the largest settlement with a single entity in American history—to resolve federal and state civil claims arising out of the packaging, marketing, sale and issuance of residential mortgage-backed securities (RMBS) by JPMorgan, Bear Stearns and Washington Mutual prior to Jan. 1, 2009. As part of the settlement, JPMorgan acknowledged it made serious misrepresentations to the public—including the investing public—about numerous RMBS transactions.Click to continue

Nine AGs Demand FHFA Stability in Letter to Congress

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New York Attorney General Eric T. Schneiderman has joined Massachusetts Attorney General Martha Coakley in leading a nine-state coalition demanding new, permanent leadership at the Federal Housing and Finance Agency (FHFA), the agency that oversees the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac.Click to continue

California Attorney General Shuts Down Online Mortgage Fraud Scam

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California Attorney General Kamala D. Harris has announced the arrest of three suspects who have been charged in a mortgage fraud scheme targeting struggling Northern California homeowners. Six Web sites allegedly used by the suspects to advertise their scheme have been intercepted and redirected to a resource page on the California Attorney General’s site.Click to continue

California AG Busts Two in $350,000 Mortgage Fraud Scheme

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California Attorney General Kamala D. Harris has announced the arrest of two suspects who have been charged with grand theft, burglary, unlawful collection of advance fees, tax evasion and conspiracy in a wide-ranging mortgage fraud scheme. Both suspects also face special enhancements for excessive taking and aggravated white-collar crime for losses to victims exceeding $350,000.Click to continue

Four Busted in California Real Estate Scam

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California Attorney General Kamala D. Harris has announced the arrest of four suspects who have been charged with securities fraud, conspiracy and elder abuse for operating a Ponzi scheme that bilked dozens of investors of over $2.3 million. The arrest declaration alleges that Gold Country Lenders, a real estate company in Grass Valley, Calif., engaged in a pattern of theft and fraud-related crimes for more than eight years. Investor funds were used to make interest payments to earlier investors or for projects in which the company’s owner had a financial interest.Click to continue