Wisconsin Bans Charges For Real Estate Fraud

The current mortgage crisis in the US has been a key talking point in the news as well as in several of our previous discussions on this blog including this post where we reported that 67 people were charged with mortgage fraud in Chicago, and 28 were recently charged in Michigan

In related news concerning the crisis, Forbes.com reported that the Wisconsin Supreme court has decided to bar fraud charges in regards to home sales. The court was divided with a 4-3 majority winning. Homeowners who feel that they have been the victim of fraud will still be able to seek damages in the court of law, however, as Rudolph Kuss a Brookfield attorney stated “Time limits are more restrictive and it's harder to collect penalties under some other options.

Justice Ann Walsh, who sided against the majority opinion, believes that sellers may feel more able to "look the buyer in the eye, lie about the condition of the home, and escape legal consequences."

Share this article with your social network, just click below to share now!

Share |

More Civil Money Penalties Assessed by FinCEN and the OCC

FinCEN and the OCC assessed concurrent $15 million civil money penalties against the New York branch of the United Bank for Africa for pervasive and systemic internal control and audit deficiencies, and the Branch's continued failure to identify and report suspicious activities.The Branch, without admitting or denying the allegations, consented to payment of the civil money penalties, which will be satisfied by a single payment of $15 million to the U.S. Department of the Treasury.

Share this article with your social network, just click below to share now!

Share |