Mortgage financing has long been a staple of traditional banks, but in the United States, during the decade following the 2007-08 global financial crisis, many banks retreated from this once-lucrative business. What are some of the factors that have made servicing mortgages more onerous and less attractive to banks, and what can be done to rectify the situation—for the benefit of banks, mortgagors and mortgage market as a whole?
False Claims Act (FCA)
Massive amounts of tax revenue are lost to governments due to bank fraud. The United States is fighting back with Qui Tam Economic Whistleblower rewards, a provision of the False Claims Act, recovering billions of dollars from tax cheats since the Act’s revamping in 1986. Watch out. If you work in a bank that handles US citizens’ financial accounts, there could be a qui tam whistleblower working right beside you!