first person fraud

Incidents of attempted loan fraud skyrocket during credit crunch

An epidemic of attempted mortgage loan fraud is sweeping the country as the credit crunch lingers on. Consumers should be aware of what constitutes loan fraud to avoid committing it. Penalties for mortgage loan fraud include jail time and hefty fines. Attempted mortgage loan fraud jumps 57 percent Attempted loan fraud skyrocketed to nearly 60
JP Morgan Chase building

JPMorgan Chase pays $27 million in Treasury probe

JPMorgan Chase bank has agreed to pay a $2 million fine to settle claims that it used false statements and high-pressure sales tactics in some of its auto loan products. The company has also previously paid out about $25 million to reimburse customers who bought the loans. Fines levied by the OCC The $2 million
a black and white of a cadillac interior

Do not fall for auto loan modification scams asking upfront fees

Ads for auto loan modification scams are all over the Internet. Auto loan modification companies promise to negotiate with lenders to get customers lower car payments — for a hefty upfront fee. But consumer advocates and government regulators say most auto loan modifiers promising lower car payments will take your money and provide little or
goldman sachs insider trading

SEC charges ex-Goldman director Rajat Gupta with insider trading

The level of notoriety that Goldman Sachs either enjoys or endures increased Tuesday. The Securities and Exchange Commission filed insider trading charges against Rajat K. Gupta, one of its former board members. Goldman Sachs was also forced to admit that it could lose billions from lawsuits by investors who were bilked by the bank during

Citibank exposes 600,000 customers to potential identity theft

Do you remember the series of commercials Citibank produced about identity theft? You will probably find them somewhat less than entertaining if you are one of the 600,000 Citibank customers whose Social Security number was printed on the outside of the postal envelope containing your year-end tax statement. “Identity theft? What’s that?” exclaims an incredulous

Mortgage modification complicated by scofflaw lenders

The Making Home Affordable Modification Program is a federal government program started in early 2009 as a response to the foreclosure crisis. It is intended to support mortgage modification, mortgage refinancing and other affordable home options for homeowners stuck in mortgages they cannot pay. This program, however, has been running into consistent problems with lenders.
A Bank of America branch logo.

Banks under SEC antitrust investigation for rate manipulation

The Wall Street Journal reports that the U.S. Justice Department and Securities and Exchange Commission are examining whether a group of the world’s largest banks – led by Bank of America Corp, Citigroup Inc. and UBS – colluded to manipulate the London Interbank Offered Rate of interest (LIBOR) on trillions of dollars in loans and

Credit bureau Experian accused of fraud in California lawsuit

A lawsuit has been brought against credit bureau Experian in California. Experian is one of the three main credit bureaus, along with TransUnion and Equifax, and credit ratings from those bureaus are used in creating a persons’ credit score. The plaintiffs in the suit, which may become class action, are alleging fraud. Plaintiffs say free

Lee Farkas, mortgage lender, charged with TARP fraud

When the U.S. federal government created the Troubled Asset Relief Program, it was intended to help bail out lenders in trouble. The cost of the TARP program has been significantly less than expected. However, the Securities and Exchange Commission is prosecuting some mortgage lenders for fraud that amounts to $1.9 billion. Lee Farkas, chairman of