Posts Tagged With FIRREA

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Judge Ordered Allied Home Mortgage Entities to Pay $296 Million for Civil Mortgage Fraud

On September 14, 2017, United States District Court Judge George C. Hanks Jr. of the Southern District of Texas ordered the Allied Home Mortgage Entities (“Allied”) to pay $296 million for FCA violations for which it had previously been held liable.  In November 30, 2016, a unanimous jury found Allied and Allied’s CEO Jim C. Hodge, liable for violating the False Claims Act (“FCA”) and the Financial Institutions Reform, Recovery, and Enforcement Act of 1989
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Civil Fraud Complaint Filed Against Former Head of Subprime Mortgage Trading at Deutsche Bank

On September 11, 2017, the United States filed a civil complaint pursuant in the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (“FIRREA”) in the Eastern District of New York against Paul Mangione, the former head of subprime trading at Deutsche Bank.  The government alleges that he engaged in a scheme to sell two residential mortgage-backed securities (“RMBS”) by misrepresenting the quality of the underlying loans to investors, resulting in losses of hundreds of
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