It looks as though they have the ammunition to do so, as HUD has audited the five largest companies - Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial - and found them wanting in their handling of foreclosures on homes bought via FHA funds. HUD has referred its findings to DOJ. Will it act?
Essentially, the audits found that the mortgagors used defective and faulty documents to get reimbursement from us (FHA) for foreclosures that sold for less than the outstanding loan balance.
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