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They are accused of stealing almost £60,000 in allowances through false mortgage applications, rent claims and invoices for services.
Some Sony employees have watched in recent days as their identities have been stolen; the leaked information has been used to open false mortgage accounts and even buy women's handbags at Beverly Hills boutiques.
David Chaytor, Elliot Morley and Jim Devine are scheduled to appear in Southwark crown court on 27 May accused of stealing almost £60,000 in allowances through false mortgage applications, rent claims and invoices for services.
In fact, despite numerous no-fault settlements, banks continue to fabricate documents and kick people out of their homes based on false mortgage evidence.
There also is evidence of almost routine manufacturing of false mortgage assignments, documents that transfer ownership of mortgages between banks or to groups of investors.
In this case, that would mean not going up the chain, from the companies like DocX that created the false mortgage assignments to the trustees and mortgage-servicing companies who were their clients.
Similar(53)
Six executives at a mortgage company, Taylor, Bean & Whitaker, have pleaded guilty in a scheme to issue false mortgages to obtain federal mortgage money and bank bailout funds.
Mr. Alvarado was accused of violating ethical standards by promoting or awarding overtime to employees who lent him money and of submitting false information on mortgage applications.
The suit claims that Deutsche Bank made false representation about mortgages it was endorsing for Federal Housing Authority insurance--which would protect the bank if the mortgage went into default--and then sold the mortgages for a profit to investors.
Given this confirmation that the banks engaged in one form of control fraud in the sale of fraudulent mortgages (false representations about second liens), there is no reason to believe that their senior officers had moral qualms that prevented them from becoming even wealthier through the endemic frauds of liar's loans and inflated appraisals.
The action by an arm of the Department of Justice marks a rare concerted effort by the government to rein in Countrywide for behavior that has exasperated consumer attorneys for years: Misapplied mortgage payments, false court filings and unexplained extra fees.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com