WHISTLEBLOWERS REAP MILLIONS IN U.S. MORTGAGE SUITS

Whistleblowers who are revealing the massive mortgage abuses are collecting millions of dollars in rewards from the government under whistleblower laws that allow for upto 30% for revealing the unique information on fraud. Victor bibby and Brian Donnelly two Georgia mortgage brokers noticed in 2005 that lenders were charging veterans secret fees on mortgage refinancing which is a violation of the government’s Interest Rate Reduction Financing Loans Program. The government settled the case this week for $45 million against JPMorgan and the pair will receive $11.7 million as their reward, 26% of the moneys recoevered. This was just one of five whistleblower suits settled for a total sum of $227 million as part of a larger deal for $25 billion with several lenders. The cases were taken by whistleblowers under the False Claims Act which allows the whistleblowers to share in the settlement proceeds.