May 11, 2012
The Federal Housing Administration and the Department of Housing and Urban Development have announced a multi-million dollar settlement with Deutsche Bank and MortgageIT following a government lawsuit filed in 2011.
According to an FHA/HUD press release, the United States government filed suit last year against MortgageIT (owned by Deutsche Bank) for “repeated false certifications to HUD in connection with the residential mortgage origination practices of MORTGAGEIT, a wholly-owned subsidiary of DEUTSCHE BANK AG since 2007.”
The press release adds, “The suit alleges approximately a decade of misconduct in connection with MORTGAGEIT
Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.
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