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BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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BFCSA: $US85 Million in false claims by American Banks re Mortgage Lending violations

Posted by on in ROYAL COMMISSION URGENT
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October 6, 2015
 

The United States Department of Justice announced today that Fifth Third Bank will pay  $85 million to the federal government to settle claims under the False Claims Act (“FCA”) relating to the Bank’s practices in connection with loans insured by the Federal Housing Administration (FHA).

The whistleblower,George Mann a former chief appraiser at the Bank, who alleged  commercial and residential mortgage violations, including fraudulent appraisal practices, resulting in major losses to the federal government. The lawsuit was filed under the qui tam, or whistleblower, provisions of the False Claims Act. These provisions permit private parties to sue on behalf of the United States when they believe an individual or company has submitted false claims for government funds. The whistleblowers were represented by Kenney & McAfferty.

Jeffrey Newman represents whistleblowers

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