Page 3 - Advantage Loan Program News Today

A new lawsuit brought by a troubled metro Detroit-based bank seeks to oust its founder and controlling shareholder — a partial owner of the San Francisco Giants professional baseball team — who is accused of "improperly" enriching himself by more than $100 million.The lawsuit, filed…

After resolving a longstanding consent order from the Office of the Comptroller of the Currency and a shareholder lawsuit, Sterling Bank's CEO — an experienced turnaround artist — says the bank is largely done fixing the fallout from its fraud-ridden Advantage Loan program.

Sterling Bank & Trust reaches deal to settle federal lawsuit over a mortgage program in which documents were falsified.

Source: United States Department of Justice Criminal Division The former managing director of residential lending and two former loan officers of a financial institution headquartered in Southfield, Michigan, pleaded guilty to participating in a years-long scheme to originate fraudulent residential-mortgage loans through the bank’s low-documentation Advantage Loan Program.

Banker pleads guilty in scheme that implicates S.F. Giants owner View Comments Detroit — A banker on Wednesday admitted she participated in a criminal conspiracy involving a loan program that prosecutors say helped an owner of the San Francisco Giants reap a $115 million windfall. Former Sterling Bank & Trust executive YiHou Han, 38, of San Francisco, pleaded guilty to bank and wire fraud conspiracy in federal court in Detroit. She faces up to 30 years in prison but is cooperating with i...

An Oklahoma pension fund alleged the bank violated federal laws related to residential lending practices. Sterling Bancorp has agreed to pay $12.5 million to settle a securities class action lawsuit filed by the Oklahoma Police Pension and Retirement System (OPPRS) that alleged the bank violated federal securities laws related to disclosures of its residential lending practices. “This settlement should put to rest one of several difficult matters that arose out of our former Advantage Loan Pr...

Sterling Bancorp to pay $12.5 million to settle Oklahoma Police suit Getty Images Sterling Bancorp Inc. agreed to pay $12.5 million to settle a class-action lawsuit filed by the $3.1 billion Oklahoma Police Pension & Retirement System, alleging the bank violated federal securities laws and artificially inflated its stock price. The settlement was approved April 16 in U.S. District Court in Detroit, a court filing shows. The Oklahoma City-based pension fund first filed the class-action lawsuit ...