This article first appeared at The McAlvany Intelligence Advisor on Monday, December 22, 2014:
Last August, Bank of America agreed to pay out nearly $17 billion to settle sixteen lawsuits over making and marketing fraudulent mortgages leading up to the start of the Great Recession, setting a record in the process. But the details, under the False Claims Act, remained sealed until last week. The big news, according to the Wall Street Journal, was just how much four whistleblowers were getting: $170 million plus.
Even after the IRS and lawyers get their share, those four will enjoy a more comfortable lifestyle for a long time. Three individuals and a small New Jersey mortgage company, Mortgage Now, will share the spoils. Mortgage Now will receive