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The U.S. government sues the German bank and its mortgage subsidiary, alleging that they engaged in rampant mortgage fraud by "repeatedly" lying to HUD to get mortgages approved, despite knowing of "serious problems" about the quality of the mortgages they underwrote.
The reason for this conduct, according to the suit, was that by getting quick approval, they could "generat[e] as many FHA-insurged mortgages, as quickly as possible for resale to investors." The Deutsche Bank unit "made substantial profits through its resale" of the federally insured mortgages. It "endorsed more than 39,000 mortgages for FHA insurance totaling more than $5 billion in underlying principal obligations" over an eleven year period.
Originaltitel
Deutsche Bank and MortgageIT unit sued for mortgage fraud
The U.S. government sues the German bank and its mortgage subsidiary, alleging that they engaged in rampant mortgage fraud by "repeatedly" lying to HUD to get mortgages approved, despite kno…