Whistleblowing is Big Business in Lending from the looks of things. Yet another lender has decided to simply settle rather than fight against claims that they say are unfounded. Is this stuff for real or is it just whistleblowers out to make a quick buck?
Comments
additional comments on "Whistleblowing is Big Business in Lending"
Comments are closed.
This is why we need to either have a prevailing party clause in government actions or (as the Constitution provides in the VI amendemnt to the Constitution) that any action by a governement entity will require that the government provide and attorney and pay the fees for the entity that action is taken against. The VI amendment's last line reads "and to have the assistance of counsel for his defence." This may be a reach on the legal side but in eminent domain proceedures, the governement is required to pay the legal fees for the property owner they are taking the property from (at least in Florida). Whistleblowing is a major (not cottage) industry. Whistle blower laws have been around since George Washington and payments to one individual have been as much as $65,000,000. Good program. You should also look at where the settlement money goes in a governement claim. Those who settle in many cases need to pay their fines to outside entities that support certain governement parties. Would make another interesting article. Have a nice day.
Good show
That sure doesn't seem right. There are usually two sides to every story… I wonder what the reason is for paying 30%? Maybe they need to incentivise the whistle blowing or else nobody would blow? Bevis, he just said blow.
it's just so wrong.
This sounds almost like when an individual gets audited by the IRS…Even though you may be right under the tax code….it is always cheaper/easier to settle then fight the end result and appeal the findings…I like the comment about the constitution…but frankly how many times has it been followed in the last so many years….”still livin the dream”…….LOL….
This is ludicrous, I would like to know the reasoning behind the payment to the whistleblower ??
If there isn't a bonified reason then I'm in agreement that this too is a business. Bad business, but business nonetheless
I have a story to top most stories about an audit from the State of Michigan that I'm still going through months later and what was done to my team and myself. I would like to get this out to all the loan officers and Brokers throughout the country so that they know what rights they have given up to become a "a broker of mortgages". We now work in a police state environment and many of the tactics used by state auditors are straight out of the gestapo handbook. Can someone help me in guiding me to a site, voice, organization that can get what I can prove out to the lending public. Write me at nwinnie@mtg-man.com. The good people that just want to help others obtain a mortgage need to know what they are getting themselves into.