Nearly five months after Wells Fargo and JPMorgan Chase agreed to pay more than $35 million – including $11.1 million in redress to affected consumers – for their part in an illegal mortgage kickback scheme, the purported masterminds behind the “pay-to-play” arrangement are finally facing action from federal regulators for their shady dealings. [More]
kicked in the back
![(Steven Depolo)](../../consumermediallc.files.wordpress.com/2015/04/homes.png?w=300&h=225&crop=1)
Executives & Loan Officers Must Pay $600K For Being Part Of Illegal Mortgage Kickback Scheme
![Taber Andrew Bain](../../consumermediallc.files.wordpress.com/2015/01/wellssign-e1474315586151.png?w=300&h=225&crop=1)
Wells Fargo, Chase To Pay $35.7M For Allowing Illegal Mortgage Kickbacks
Federal law prohibits giving or receiving kickbacks in exchange for a referral of business related to a real-estate-settlement service, but for four years a now-defunct title company in Maryland provide cash, marketing materials and consumer information in exchange for referrals. And now the banks have agreed to pay more than $35 million — including $11.1 million in redress to affected consumers — for their sins. [More]