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...MortgageIT endorsed more than 39,000 loans for FHA insurance, the lawsuit said, with the agency spending some $368m on insurance claims....
...The lawsuit is the fifth action by the US attorney for Manhattan, which has previously settled with Deutsche Bank’s MortgageIT unit for $202m, Citigroup for $158m, and Flagstar Bank for $132m....
...The lawsuit is the second action alleging fraud by mortgage lenders brought by Manhattan US attorney Preet Bharara, who in May sued Deutsche Bank for more than $1bn alleging its MortgageIT unit defrauded...
...The government first sued Deutsche Bank and MortgageIT in May saying they misled the Federal Housing Administration into believing that mortgages issued by MortgageIT qualified for federal insurance, when...
...SAYS DEUTSCHE BANK, MORTGAGEIT REPEATEDLY LIED TO BE INCLUDED IN GOVERNMENT PROGRAM TO SELECT MORTGAGES FOR INSURANCE BY THE GOVERNMENT Today 14:31 – U.S....
...based on MortgageIT’s false statements....
...Deutsche Bank and its MortgageIT unit are seeking dismissal of a $1bn suit by the US government claiming they lied to qualify thousands of risky mortgages for a government insurance program, Bloomberg says...
...According to the complaint, the US government paid more than $386m in claims and costs stemming from insurance approvals largely based on MortgageIT’s false statements....
...In response the Director of Government Lending at MortgageIT represented to HUD that MortgageIT would review all early payment defaults. That representation was false....
...MortgageIT had been an approved lender in the programme from 1999-2009....
...“We believe the claims against MortgageIT and Deutsche Bank are unreasonable and unfair, and we intend to defend the action vigorously,” the bank said....
...Deutsche Bank in December closed MortgageIT, which it bought for $430m (£302m) in January 2007, Merrill Lynch last year shut First Franklin, for which it paid $1.3bn in September 2006, and Wachovia, now...
...Deutsche has already begun to prune the business it spent the past two years building, buying MortgageIT in 2007 and Chapel Funding, a subprime originator, in 2006....
...The financial community’s finest, in the shape of Morgan Stanley, Merrill Lynch, Bear Stearns and Deutsche Bank snapped up, respectively, Saxon Capital, First Franklin, Encore Credit and MortgageIT when...
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