Supreme Court Clarifies Mortgage Fraud Restitution

Supreme Court Sets Down Rules for Mortgage Fraud Calculations and Restitution On Monday, May 5th, the Supreme Court clarified rules for how restitution is calculated in mortgage fraud cases. In a unanimous decision, the justices agreed that restitution to a bank that has been defrauded must be calculated on the value of the property when the property is sold, not the value of the property when it has been foreclosed upon. The decision centers on a case of a fraudulent loan application for two houses in WIsconsin, for $470,000, filed by … [Read more...]