Deutsche MortgageIT Case Costs $202M
In an effort to settle a civil fraud lawsuit with the U.S. government, Deutsche Bank AG (NYSE:DB) has consented to paying $202.3 million. The lawsuit is related to the fraudulent practices on part of MortgageIT, a subsidiary of Deutsche Bank, in managing mortgages. The Allegations MortgageIT, which was acquired by Deutsche in 2007, has been [...]
In an effort to settle a civil fraud lawsuit with the U.S. government, Deutsche Bank AG (NYSE:DB) has consented to paying $202.3 million. The lawsuit is related to the fraudulent practices on part of MortgageIT, a subsidiary of Deutsche Bank, in managing mortgages.
The Allegations
MortgageIT, which was acquired by Deutsche in 2007, has been accused of issuing false certifications to the Department of Housing and Urban Development (HUD). The company has been alleged of lying about the quality of … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards