Lawsuit Claims Banks Cheated Veterans With Fees

Tuesday, 04 Oct 2011 06:14 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

ATLANTA — A newly unsealed whistleblower lawsuit from 2006 claims several major banks and mortgage companies bilked military veterans and taxpayers out of hundreds of millions of dollars.

The lawsuit filed that year was unsealed Tuesday in federal court in Atlanta. It claims the firms engaged in a "brazen scheme" involving home loans guaranteed by the U.S. Department of Veterans Affairs.

It says the firms charge attorneys' fees or closing costs with the transactions despite Veterans Administration rules banning that practice. It says the firms "over-charged veterans, charged unallowable fees, and then deliberately concealed those facts."

The lawsuit targets several firms, including Wells Fargo, JPMorgan Chase & Co. and Bank of America. It seeks to recover damages on behalf of the government.

The banks have denied the charges in related court documents.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Lara Spencer Named Co-Host of 'Good Morning America'

Friday, 18 Apr 2014 15:29 PM

Lara Spencer is being promoted to co-host of "Good Morning America," ABC News announced Friday.  . . .

Howie Carr: Open Borders Bring Boston Marathon Bombings

Friday, 18 Apr 2014 14:38 PM

The case of the Tsarnaev brothers, the alleged perpetrators of the Boston Marathon bombing, is symptomatic of the porous . . .

US to Extend Keystone XL Comment Period, Delaying Decision

Friday, 18 Apr 2014 14:32 PM

The U.S. State Department will on Friday extend the government comment period on the Keystone XL pipeline, said sources  . . .

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved