Anyone else seeing obvious comparisons to our last bubble? Fraud? Greed? During a bubble? No way!
ABN AMRO Mortgage Group, Inc., has agreed to a $41-million settlement with the federal government - the largest in the history of the Federal Housing Administration - to avert a lawsuit over its failure to properly certify more than 28,000 FHA-insured mortgages.
The problem, which ABN reported to the federal government in 2003, involved a group of Ann Arbor employees who signed the names of underwriters to 28,097 federally-insured mortgages from 2001-2003, U.S. Attorney Stephen Murphy III said in a news conference this morning.
He said 229 of the mortgages eventually went into default, costing the U.S. Housing and Urban Development Department some $6.25 million. ABN agreed not to file claims on 783 defaulted mortgages, saving the government an estimaged $24.35 million, Murphy said.
January 05, 2006
Mortgage company pays record settlement to avoid federal lawsuit
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2 comments:
Econbuilder,
I completely agree with you. America needs to stop globalization. It's not helping 99% of Americans, and it's not helping 99% of the rest of the world. It's only helping the American Corporatocracy and the banks they are in collusion with.
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