Mortgage Lender Not "Financial Institution" for Federal Criminal Bank Fraud Just Because It Was Owned By a Financial Institution
Question: Is a mortgage lender that is a wholly-owned subsidiary of a “financial institution” itself a “financial institution” for purposes of federal criminal bank fraud?
Answer: No, according to the Ninth Circuit Court of Appeals in United States vs. Bennett, No. 06-50580 (decided September 10, 2010).
