Tuesday, April 05, 2011

Bank Mortgage-Kickback Scheme Alleged

Not surprising, but very disappointing.

The investigation alleges that mortgage lenders such as Bank of America, Wells Fargo, PHH, Prospect Mortgage, Guaranteed Rate, Home State Bank, Key Financial Services, Platinum Mortgage, Integra Mortgage Inc. and various regional home builders have specific programs in place to compensate real estate brokers for steering business to their mortgage units. --FreePress quoted by Ticker

Kickbacks are a BIG no-no.

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