Wells Fargo & Company Mortgage Complaint

Wells Fargo & Company Mortgage department,

Reverse mortgage Application, originator, mortgage broker Massachusetts

I would like to issue a complaint that Wells Fargo violated several acts of Mortgage Fraud and Predatory Lending. Should I seek legal counseling, he/she will contact the appropriate parties. The term " mortgage fraud '' is typically used to describe fraudulent practices by borrowers in order to secure loans they can not afford to repay or to secure loans that exceed the value of the home or homes in question. Because they do not involve defrauding the government, these cases have nothing to do with the False Claims Act. However, fraudulent lending in cases where mortgages are guaranteed or insured by the government does constitute a violation of the False Claims Act. Since the financial crisis of 2008, the Federal Housing Administration ( FHA ) and the Department of Housing and Urban Development ( HUD ) have become major players in the housing market. In fact, more than 40 % of new mortgages today are backed by the FHA through loan guarantees


If a lender knows that it can purchase mortgage insurance on a particular loan, it may be more inclined to lend money to an unqualified borrower. Taking out FHA mortgage insurance on a loan that the lender knows to be fraudulently obtained or likely to default may be a violation of the False Claims Act because it involves claiming federal funds based on fraudulent activity. Any other type of fraud or falsification related to obtaining or making a claim against FHA, mortgage insurance may also violate the False Claims Act. Reporting mortgage fraud against FHA or HUD is a public service because it helps the government recover funds needed to help Americans legitimately secure affordable housing. That public service is rewarded under the False Claims Act, which allows whistleblowers in successful cases to receive a substantial percentage of the money recovered as a whistleblower reward.