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Federal Contractor Misconduct Database (FCMD)
The federal government routinely awards contracts to companies with
histories of misconduct, including
…
contract fraud and other
violations. POGO believes that providing this website will help to
improve contracting decisions and increase public knowledge of how
the government spends billions of taxpayer dollars each year.
Read more…
WMC Mortgage Subprime Loan Investigation
General Electric paid a civil penalty of $1.5 billion under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to resolve claims involving subprime residential mortgage loans originated by WMC Mortgage, a GE subsidiary. WMC, GE, and their affiliates allegedly misrepresented the quality of WMC’s loans and the extent of WMC’s internal quality and fraud controls in connection with the marketing and sale of residential mortgage-backed securities; as a result, investors suffered billions of dollars in losses.
- Misconduct Type
- Securities
- Enforcement Agency
- Justice
- Contracting Party
- None
- Court Type
- Civil
- Disposition
- Settlement
- Date of Settlement Announcement
- 1/31/2019
