Items Tagged with 'U.S. Department of Justice'


  • What happens to FHA lending if the DOJ eases enforcement?

    HUD committed to addressing the issue
    Department of Housing and Urban Development Secretary Ben Carson recently shocked the industry by saying he is in talks to fix one of the biggest struggles in FHA lending. The government's use of the False Claims Act could soon be mothballed. So does this mean all the big banks will jump back in to FHA lending?
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  • Monday Morning Cup of Coffee: What will Amazon's new HQ do to home prices?

    Trump to announce new Fed chair this week
    The deadline officially closed on applications to be the home of Amazon’s second headquarters. While the new headquarters is projected to create up to 50,000 new jobs, one negative side effect could be rising home prices for the city. Meanwhile, President Donald Trump is expected to announce next week who the much-anticipated Federal Reserve chair will be.
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  • PHH reaches $75 million settlement with DOJ over False Claims Act violations

    Whistleblower awarded $9 million
    PHH Corp. announced it settled with the U.S. Department of Justice to resolve issues over alleged False Claims act violations. PHH said it settled with the DOJ on behalf of the Department of Housing and Urban Development and separately with the DOJ on behalf of the U.S. Department of Veterans Affairs and the Federal Housing Finance Agency. The settlement resulted in PHH having to pay a whopping $75 million.
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  • [Video] This is why the founder of Quicken Loans is ready for Trump

    He is done with this "crazy regulations" environment
    Taking a break from the North American International Auto Show in Detroit, Quicken Loans founder Dan Gilbert sat down for an interview with Bloomberg to discuss another big sector on his radar, mortgages. Quicken Loans is in the middle of a landmark battle against the U.S. Department of Justice, which Gilbert discusses in the interview and gives his thoughts on settling.
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  • Former TierOne Bank CEO gets 11 years in federal prison

    Charged with fraudulently concealing loan and real estate losses
    On Wednesday, U.S. District Judge John Gerrard ordered the former CEO of TierOne Bank to 11 years in prison. Why? Well, as it turns out, what happens in Vegas doesn't always stay in Vegas, especially when it comes to defrauding investors. Here's a breakdown of the criminal activity.
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  • U.S. sues Quicken Loans for FHA loan violations

    DOJ accuses lender of improperly originating and underwriting FHA mortgages
    The United States government is suing Quicken Loans, accusing the lender of improperly originating and underwriting loans that were insured by the Federal Housing Administration. According to an announcement from the Department of Justice, the government alleges that from September 2007 through December 2011, Quicken “knowingly submitted, or caused the submission of, claims for hundreds of improperly underwritten FHA-insured loans.”
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  • Feds bust massive mortgage fraud scheme

    Leader sent to prison for almost 5 years, ordered to repay $2.5 million
    A former real estate agent will spend the next 57 months in prison after being convicted of conspiracy to commit wire fraud and aggravated identity theft, stemming from a massive residential mortgage fraud scheme that defrauded lenders, the Federal Housing Administration, Fannie Mae, and Freddie Mac of nearly $2.5 million.
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  • DOJ shifts focus to Moody’s Investors Service

    Investigates ratings in the buildup to the financial crisis
    Credit-rating agencies have been under a lot of fire recently. Now that the U.S. Department of Justice is wrapping up its case with Standard & Poor’s, it is shifting its attention to Moody’s Investors Service for similar issues.
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