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Allied Mortgage Capital

Home Loans Chester VA Allied Home Mortgage Capital Corp.

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Jury Awards $93 Million in Federal Fraud Case Against Allied Home Mortgage

A federal jury has ordered two Texas-based home mortgage companies and their chief executive to pay nearly $93 million for defrauding the government by issuing improper and risky home loans that later defaulted.

The companies, formerly known as Allied Home Mortgage Capital Corp. and Allied Home Mortgage Corp, and their founder, Jim C. Hodge, were the subject of July 2010 stories by ProPublica , which detailed a trail of alleged misconduct, lawsuits and government sanctions spanning at least 18 states and seven years. Borrowers said they’d been lied to by Allied employees, who in some cases had siphoned loan proceeds for personal gain. Some borrowers had lost their homes.

Despite the years of warnings, the federal government didn’t restrict Allied’s ability to issue mortgages until 2011, when prosecutors intervened in a pending whistleblower case and sued Hodge and both Allied companies in U.S. District Court in Manhattan. Simultaneously, the U.S. Department of Housing and Urban Development suspended Allied and Hodge from issuing loans backed by the Federal Housing Administration. Allied was also barred from issuing mortgage-backed securities through the Government National Mortgage Association (Ginnie Mae).

Away from the national spotlight, GOP guts Wall Street safeguards

Marcus Stanley, policy director for Americans for Financial Reform, recently told Vox , “It’s a little hard to get your mind around everything this bill does, because there’s almost no area of financial regulation it doesn’t touch. There’s a bunch of very radical stuff in this bill, and it goes way beyond repealing Dodd-Frank.”

For those who support existing safeguards for the financial industry, yesterday’s House vote was discouraging, but not grounds for panic. The bill now heads to the Senate, where it can be filibustered by the Democratic minority. The odds of the existing bill reaching Donald Trump’s desk are effectively zero.

But that doesn’t mean the House vote was unimportant. On the contrary, it was a reminder that for all the GOP’s talk about “populism,” when Republican leaders thought no one was looking, they passed a regressive bill, championed by Wall Street lobbyists, to gut the protections put in place after the 2008 crash.

Why do Obama supporters claim Hillary and Barack don't differ on policy?

They differ greatly. Look at their different stances on Iran, our allies and on national security. Look at their different economic plans. Obama has greater spending plans and is going to raise capital gains tax about 10% higher than Hillary.


I happen to think Obama has better answers to our problems. He is much more realistic. The capital gains tax only hurts rich people. Hillary wants to mandate health care coverage. That means that it will be against the law to not buy health care insurance.