California Real Estate Fraud Report

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Feds Sue Deutsche Bank for Mortgage Fraud

In a shot over the bow that could signal that the federal government is finally concluding that mega-banks bear responsibility for the housing market collapse, Deutsche Bank and its late subsidiary MortgageIT are being sued for fraud.

U.S. Atty. Preet Bharara announced at a press conference that the Justice Department has filed a lawsuit in Manhattan federal court, charging that MortgageIT underwrote loans “in blatant disregard” of whether borrowers could afford the monthly payments” and lied to the government about the quality of those loans.

In addition to The government is asking the court to order Deutsche Bank to pay three times the Federal Housing Administration (FHA) eventual losses on the loans. The suit also seeks punitive damages.

In addition to the government asking the court to order Deutsche Bank to pay three times the FHA‘s losses on the bad loans it wrote, the lawsuit also is seeking punitive damages.

Bharara and investigators with the U.S. Department of Housing and Urban Development say that more lawsuits against big banks for loan fraud could be coming.

Read the original article in the Los Angeles Times.

© Copyright 2007-2018 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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