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Canadian Bank Settles with U.S.
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November 25, 2008
A mortgage fraud ring that operated for over three years has resulted in an almost $11 million settlement between a Canadian bank and the U.S.
RBC Mortgage Co., a subsidiary of Royal Bank of Canada, had an office in Rockford, Ill. operating as Prism Mortgage. Three Prism loan officers and 22 other defendants were convicted on federal charges, involving false or fraudulent statements to the U.S. Department of Housing and Urban Development on 219 loans. All the HUD-backed loans ended up in foreclosure.
Read story at Rockford Register Star
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