Tag: loans
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Experts’ Opinions Interpreting the PPP Regulations Were Excluded
As the COVID-19 pandemic took hold in early 2020, Congress established the Paycheck Protection Program (PPP). Several businesses applied for and received PPP loan approval from Prestamos CDFI, LLC (Prestamos). However, due to individual bank-related issues, the loan funds were returned to Prestamos, leaving the businesses without the promised financial assistance. Consequently, these businesses initiated…
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Court Accepts the Mortgage Expert’s Opinion on the OPERS’ Primary Fraud Theory
Defendant Federal Home Loan Mortgage Corporation (“Freddie Mac”) offered Dr. Chudozie Okongwu, a mortgage market expert, to discuss the mortgage and subprime markets and the credit crisis between August 1, 2006, and November 20, 2007 (the “Relevant Period”). The lawsuit concerns whether “Freddie Mac concealed its overextension in the nontraditional mortgage market—generally composed of instruments…
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Banking Expert Witness Not Allowed to Opine on the Materiality of Documents Submitted
A grand jury indicted Rasta Khalid Walid (“Walid”) on 17 counts, including failure to pay legal child support, bank fraud, false statements to a bank, engaging in monetary transactions, and false, fictitious, and fraudulent claims. Walid filed a notice disclosing the proposed testimony of two expert witnesses he intended to use at trial: In response,…
