Items Tagged with 'DOJ'

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  • MAA must pay $8.7 million to fix Post apartments that are not accessible to persons with disabilities

    DOJ sued Post Properties in 2010 over 50 apartment complexes
    The Department of Justice announced last week that it reached an $11.3 million settlement with MAA, which owns more than 101,000 apartment units in 17 states, over properties MAA acquired when it merged with Post Properties in 2016. According to the DOJ, Post allegedly built 50 apartment complexes across the country that were not properly accessible to persons with disabilities.
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  • UBS expecting DOJ lawsuit over pre-crisis mortgage bonds

    Lawsuit could come as soon as this week
    UBS, which has already paid out hundreds of millions of dollars over its pre-crisis mortgage securitization activities, is about to be facing another massive lawsuit for the same conduct. UBS revealed late Wednesday that it is expecting to be sued by the Department of Justice over its issuance, underwriting and sale of residential mortgage-backed securities from 2006 to 2007.
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  • RBS reaches $4.9 billion settlement with DOJ over pre-crisis mortgage bonds

    Proposed settlement would be far less than originally estimated
    For the second time this year and at least the seventh time in recent memory, the Royal Bank of Scotland is about to cut a massive check as part of a settlement over the bank’s mortgage practices in the run-up to the housing crisis. Back in March, it was a $500 million settlement with the state of New York. Now, RBS is preparing for a nearly $5 billion settlement with the DOJ that would cover the bank’s issuance and underwriting of mortgage-backed securities between 2005 and 2007.
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  • Minnesota's KleinBank reaches settlement with DOJ over redlining allegations

    Bank will expand service area to include certain minority neighborhoods
    The Department of Justice and Minnesota-based KleinBank reached a settlement agreement covering charges that the bank excluded minority neighborhoods from its service area and engaged in discriminatory lending. Now, despite continuing to disagree with the government’s claims, the bank is settling with the DOJ in order to move forward.
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  • 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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