Items Tagged with 'DOJ'

ARTICLES

  • Urban Institute to FHA: Want more lenders? Clarify False Claims Act enforcement

    Researchers propose ideas for greater clarity regarding False Claims violations
    Many lenders have pulled away from FHA lending in recent years – something the agency has taken steps to address by clarifying underwriting rules. But according to a recent blog post from the Urban Institute, the FHA has not gone far enough to quell lender fears about getting back into the business of FHA lending. The problem? Not enough clarity regarding what qualifies as a violation of the False Claims Act and what the penalties might be.
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  • Quicken Loans Vice Chairman Bill Emerson: Government used "extortionist tactics" to pursue "bogus" claims

    "This case was dismissed and there was zero finding of fault"
    On Friday, Quicken Loans and the DOJ reached a resolution over allegations that the nonbank’s FHA lending practices violated the False Claims Act. Quicken Loans Vice Chairman Bill Emerson told HousingWire in an exclusive interview that the nonbank did not admit to any guilt and that the government realized its "bogus" claims were baseless.
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  • Quicken Loans agrees to pay $32.5 million to resolve FHA loan allegations with DOJ

    Mediation finally brings 4-year battle over False Claims Act violations to an end
    Quicken Loans is now finally able to move past its beef with the DOJ over the nonbank’s FHA lending practices, as a mediator for the two parties announced Friday that they have finally reached a resolution. Without any admission of guilt or determination of wrongdoing on either side, Quicken agreed to pay the government $32.5 million to settle allegations that it violated the False Claims Act for submitting hundreds of "improperly underwritten" loans for FHA mortgage insurance. Click the headline for more.
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  • DOJ demands to see CoreLogic's MLS data in antitrust probe

    Investigation follows lawsuits against NAR, MLS providers on buyer broker compensation rules
    The Department of Justice recently sent a letter to CoreLogic requesting access to its MLS data regarding buyer broker compensation, a clear sign that the federal authorities are actively investigating allegations of antitrust violations among multiple listing service providers.
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  • Top U.S. landlord charged with running Ponzi scheme in massive multifamily mortgage fraud probe

    DOJ and SEC file multiple charges against Robert Morgan for multimillion-dollar scam
    Robert Morgan, one of the largest landlords in the country, was hit with multiple charges this week by both the DOJ and the SEC for allegedly running a Ponzi-type scheme that involves shuffling around money from investors and falsifying loan documents. The charges are the culmination of a cross-agency investigation into a massive multifamily mortgage fraud scheme that raises serious questions about GSE regulations for multifamily financing.
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  • Quicken Loans, DOJ sent to mediation in ongoing battle over FHA loan allegations

    Trial is scheduled for Aug. 5, 2019
    Nearly four years after the legal battle between Quicken Loans and the Department of Justice began over claims Quicken violated FHA lending rules, the case may finally be decided in court later this year. But not before the parties give settling the matter at least one more try, after being ordered to do so by a federal judge.
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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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