This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Flagstar Bancorp Investor Alert – The Briscoe Law Firm And Powers Taylor, LLP Announce Investigation Of The Officers And Directors Of Flagstar Bancorp, Inc. For Possible Breaches Of Fiduciary Duties

Stocks in this article: FBC

Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor, LLP announce that the firms are investigating legal claims against the officers and Board of Directors of Flagstar Bancorp, Inc. (“Flagstar” or “FBC”) (NYSE: FBC) for possible breaches of fiduciary duties and other violations of state and federal law relating to a complaint filed by the Department of Justice.

If you are an affected investor and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at patrick@powerstaylor.com, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.

On February 24, 2012, the DOJ filed a federal complaint alleging that, over the course of a decade, Flagstar improperly approved thousands of residential home mortgage loans for government insurance. Among other things, the DOJ complaint alleged that since at least January 1, 2002: (a) Flagstar used unauthorized staff employees to conduct key underwriting functions in the loan approval process; (b) Flagstar’s actual underwriters submitted false certifications that they had personally reviewed loan documents even though they had not; and (c) Flagstar falsely certified that loans were eligible for FHA insurance when they were not.

As a result of the complaint, Flagstar entered into a settlement agreement with the DOJ and agreed to pay the government $15 million dollars within 30 business days of the settlement’s approval, and make certain additional payments totaling $117,889,806 after certain financial events occur, including repayment of $226.7 million received under the Trouble Asset Relief Program.

“We are particularly troubled by the allegations of misconduct in the complaint and the substantial amount of money that Flagship must now pay to the government. Based upon our investigation, we are prepared to pursue litigation to preserve the company and the value of Flagstar stock for all shareholders,” said shareholder rights attorney Willie Briscoe.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,505.54 +105.87 0.65%
S&P 500 1,928.75 +24.74 1.30%
NASDAQ 4,390.0490 +73.9750 1.71%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs