December 4, 2017
- The Eleventh Circuit affirmed the conviction of a Florida resident, Ravindranauth Roopnarine, for his attempt to defraud the government. The Florida man received an approximate sentence of 22 years. Furthermore, he must pay a sum of more than $9 million in restitution for his mortgage fraud scheme.
- In effort to decrease its own liability, Wells Fargo Bank NA filed a “Memorandum of Law in Opposition to Motion.” Wells Fargo Bank NA asserted its adversaries were attempting to diminish their role in the mishandling of 12 residential mortgage-backed securities trusts.
- A Kansas based bank, Lawrence, settled a claim with the Federal Reserve for $2.8 million. Lawrence allegedly defrauded homebuyers by misrepresenting terms of their mortgages. The $2.8 million will go towards repaying homeowners for their funds slated to their “discount points.”