A federal jury awarded more than $93 million in damages to the federal government after finding Allied Home Mortgage entities liable for civil mortgage fraud against the FHA. A unanimous jury found Allied Home Mortgage Capital and Allied Home Mortgage Corp., as well as the company’s president and chief executive, Jim C. Hodge. guilty of mortgage fraud. The jury awarded the Department of Housing and Urban Development and the Department of Justice a total of $93 million in damages, including $7.4 million against Hodge. The Allied entities allegedly violated the federal False Claims Act (FCA) and the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA) in connection with “a decade of fraudulent misconduct” related to FHA lending. The FCA provides for treble damages and imposes a penalty of $5,500 to $11,000 for each violation. Separately, FIRREA imposes a ...

Despite the improvement in gripes filed, mortgage complaints are among the top three areas where consumers feel they are being taken advantage of…

The mortgages were originated by Lone Star affiliate Caliber Home Loans, but also LendSure Mortgage and Sterling Bank & Trust.

In case you haven’t noticed: the national debt is ready to crack the $20 trillion mark – almost twice the dollar volume of outstanding residential debt in the United States.

A reason to worry: several federal consumer financial protection laws give direct enforcement authority to the states…

In the FirstKey deal, the loans have seasoned for an average of 10 years…

The MBA said the calls would generally be from servicers to borrowers, seeking to determine the reasons and nature of a delinquency…

Moreover, anyone close to Richard Cordray has likely been working on their resume since Tuesday night, Nov. 8…

The insurance conglomerate is structuring direct investments in residential and commercial mortgages and other whole loan types…

Fannie Mae common has a “market cap” of $17.68 billion while Freddie is valued at $9.79 billion…