Items Tagged with 'DOJ'

ARTICLES

  • DOJ investigating FHA lending practices of Lennar subsidiary Eagle Home Mortgage

    Homebuilder discloses investigation in SEC filing
    Eagle Home Mortgage, the mortgage lending subsidiary of Lennar, could find itself on a list that includes Wells Fargo, Walter Investment, United Shore Financial Services, PHH, and many other lenders that were sanctioned by the government for underwriting mortgages that did not meet Federal Housing Administration standards.
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  • False Claims Act claims another one: IBERIABANK fined $11.7 million for FHA lending violations

    Becomes latest in string of FHA lenders fined by government
    The False Claims Act has claimed another lender. On Friday, the DOJ announced that IBERIABANK Corporation, IBERIABANK and IBERIABANK Mortgage, agreed to pay a fine of $11,692,149 to resolve allegations that the companies violated the False Claims Act by falsely certifying that loans originated by the companies were eligible for FHA mortgage insurance.
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  • DOJ suing Northwest Trustee Services for illegally foreclosing on veterans

    Claims foreclosure trustee violated Servicemembers Civil Relief Act
    “Our investigation revealed that Northwest Trustee Services repeatedly failed to comply with laws that are meant to ensure our service members do not have to fight a two front war – one on behalf of all of us, and the other against illegal foreclosures,” U.S. Attorney Annette Hayes said.
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  • 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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  • Carson: HUD working with DOJ on easing enforcement of FHA lending

    Review FHA lender certifications and implementation of defect taxonomy
    Speaking Monday during the morning general session at the Mortgage Bankers Association Annual Conference in Denver, HUD Secretary Ben Carson told attendees that HUD is working with the Department of Justice to address the rise of DOJ enforcement in Federal Housing Administration lending. Then Carson did what normally doesn’t happen in speeches like these: He made an announcement.
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  • Department of Justice launches initiative to fight sexual harassment in housing

    Program will be piloted in Washington, D.C. and western Virginia
    The Department of Justice announced Tuesday that it is launching a new initiative to fight sexual harassment in housing. Specifically, the DOJ said the program aims to increase the department’s efforts to protect women from harassment by landlords, property managers, maintenance workers, security guards, and other employees and representatives of rental property owners.
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  • Former Deutsche Bank head subprime mortgage bond trader fires back at U.S. fraud charges

    Denies all charges, accuses government of ‘concocting a baseless theory of fraud’
    Paul Mangione, the former head of subprime mortgage trading at Deutsche Bank who stands accused over overseeing systemic mortgage bond fraud during the run-up to the financial crisis, says that the government kowtowed to public pressure to see individuals held responsible for the financial crisis by filing lawsuit against him that is wrong, unfair, and without merit.
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  • Shocker: U.S. sues former Deutsche Bank head subprime mortgage bond trader for crisis-era fraud

    Paul Mangione accused of ‘systematically, intentionally’ lying about subprime mortgages
    In what can only be regarded as a shocking development, the United States is suing the former head of subprime mortgage trading at Deutsche Bank over “systematically and intentionally” lying about the quality of subprime mortgages that backed nearly $1.5 billion in mortgage-backed securities in the run-up to the crisis.
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  • Department of Justice ends Operation Choke Point

    Program enacted during the Obama administration
    The Department of Justice decided to end Operation Choke Point, an initiative introduced during the Obama administration, following requests from House Republicans to formally end the program. The previous administration introduced the program in order to try and cut funding from financial institutions to fraudsters.
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