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Allied Home Mortage

520LOAN - Allied Home Mortgage Corp Info

Testimonials and Company information for Terry Green, Mortgage Lender at Allied Home Mortgage Corp. Where to go to get a good mortgage.

Allied Home Mortgage ordered to pay $296 million for widespread FHA fraud

Under those guidelines, Hanks trebled the $92 million in damages. Hanks also imposed a penalty of $10,000 for each violation of the FCA found by the jury for a total of $12,950,000 in FCA penalties, and the maximum $1.1 million penalty for each violation of FIRREA for a total of $6.6 million in FIRREA penalties.

That brings the total judgment to $296,298,325.

Hodge is also liable for more than $25 million in damages and penalties.

“Jim Hodge and Allied defrauded a federal mortgage insurance program designed to help spread the dream of homeownership, and then lied about it repeatedly,” Joon H. Kim, the Acting United States Attorney for the Southern District of New York, said in a statement. “A jury saw through their lies, and now the Court has imposed millions of dollars in additional penalties. This Office will continue to investigate and root out fraud in all of its forms.”

When the government first announced the jury’s decision against Allied and Hodge, it detailed the conduct that led to this massive fine.

Allied Home Mortgage hit with $296M False Claims Act judgment

Allied Home Mortgage Corp. was ordered to pay $296 million after a jury found the Texas lender violated the False Claims Act by defrauding the Federal Housing Administration insurance program for over a decade.

Jim Hodge, president and CEO of Houston-based Allied, was also ordered to pay $25.3 million.

Allied engaged in a "decade of fraudulent misconduct while participating in the Federal Housing Administration mortgage insurance program," Joon Kim, Acting U.S. Attorney for the Southern District of New York, said in a press release.

"Jim Hodge and Allied defrauded a federal mortgage insurance program designed to help spread the dream of homeownership, and then lied about it repeatedly. A jury saw through their lies, and now the court has imposed millions of dollars in additional penalties," according to the press release.

Allied could not be reached for comment as the company's main phone number "is not in service," according to a recording.

Does the EU subsidize your gas/mortage/electric bills? So why does Obama think the EU is the solution?

to America's problems?


How, exactly, will this help America?

I think he is full of sh*t!

Everytime I hear his goofy mulatto a$$ speak, with his pausing and choosing his words while swinging his head from side to side like a monkey it makes laugh!