A set of confidential federal audits accuse the nation’s five largest mortgage companies – Bank of America, JPMorgan Chase, Wells Fargo, Citigroup, and Ally Financial – of defrauding taxpayers in their handling of foreclosures on homes purchased with government-backed loans, according to a story in the Huffington Post.
The audits accuse the lenders of violating the False Claims Act. The audits were completed between February and March, according to four officials briefed on the situation. The internal watchdog office at HUD referred its findings to the Department of Justice, which now must decide whether to file charges.
Source: Huffington Post
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