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Author: admin | Category: Lease Car Calculator | Date: 17.12.2014

Tuesday, March 13, 2012 10:35am JPMorgan Chase Bank finalized a settlement with the federal government to pay $45 million to end a lawsuit over the bank cheating military veterans and taxpayers out of millions of dollars. The bank illegally hid the fees in the veteran’s home mortgage refinancing loans, which would cause their guarantees to void. JPMorgan Chase is but the first bank of many to be pursued for this illegal VA loan activity. The Department of Veterans Affairs (VA) offers our current and former service members special financing opportunities when it comes to purchasing a home. JPMorgan Chase Bank and the other defendants have been accused of charging veterans an additional $300 to $1,000 per VA loan administered. But it wasn’t just veterans who were preyed upon—they stole from every taxpayer in the nation. Some of the money each individual pays the government come tax season was being diverted into these fraudulent banks’ coffers.

This case is yet another example of whistleblowers in the industry bringing illegal activity to light. Last month another whistleblower working for Citigroup brought allegations against her employer for encouraging illegal behavior amongst their quality control managers. Disclaimer: Some of the lenders that review loan applications processed on this website may perform credit checks on applicants at their discretion.
The bank, however, hid that fact and continued to collect compensation for the guarantees from the government. There are still cases pending against Wells Fargo Bank, Bank of America, CitiMortgage, Suntrust Mortgage, Washington Butuat Bank, PNC Bank, Countrywide Home Loans, Mortgage Investors Corp., and First Tennessee Bank.
VA loans are offered at reduced interest rates and lower down payment requirements in an effort to more easily help our veterans find a home. In the last ten years, there have been more than 1.2 million VA loans originated and some justice officials believe up to 90 percent of them may have been affected by this fraudulent activity.

The banks approached the government for reimbursement on the VA loans despite the fact that their hidden fees in the loans would have nullified the guarantees. Two individuals working with JPMorgan Chase Bank are reported to have approached authorities about these practices of misrepresenting VA loans. Citigroup’s unscrupulous behavior may have remained hidden if it weren’t for a single honest worker. The whistleblowers are reportedly mortgage loan brokers from Atlanta, Georgia who filed suit back in 2006.
While we publish content about various loan products and may discuss certain tax and financial considerations, generally we do not provide tax or financial advice of any kind.

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