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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

Last year, after a  long legal battle , the government secured a victory against Allied Home Mortgage and Hodge, when a federal jury unanimously found Allied Home Mortgage and Hodge liable for civil mortgage fraud and awarded the United States a total of $92,982,775 in damages, including $7,370,132 against Hodge.

But the case wasn’t done yet, and as it turns out, Allied Home Mortgage and Hodge will have to pay much more than first thought.

The U.S. Attorney’s Office for the Southern District of New York announced Tuesday that a federal judge in Texas more than tripled the jury’s award, pushing the total judgment against Allied to more than $296 million.

The judge also ordered Hodge to pay $25 million, up from his initial $7.37 million fine.

According to the U.S. Attorney’s Office, United States District Judge George C. Hanks Jr. of the Southern District of Texas, who presided over the trial, elected to increase the jury’s award under provisions of the False Claims Act and the Financial Institutions Reform, Recovery, and Enforcement Act.

Jury Verdict Expands to $298 Million in False Claims Act/FIRREA Case as Court Assesses Treble Damages and ...

A federal court in Texas recently entered a massive judgment against a mortgage originator for financial crisis conduct, transforming an already severe $93 million jury verdict into a $298 million punishment, and issuing one of the first judicial opinions regarding how to assess penalties under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (“FIRREA”).

The suit began in 2011 as a whistleblower action, in which the government quickly intervened, alleging the submission of false Federal Housing Administration (“FHA”) insurance claims by Americus Mortgage Corporation (formerly known as Allied Home Mortgage Capital Corporation), one of its affiliates, and its CEO (collectively, “Allied”) between 2001 and 2011. The matter eventually proceeded to a five-week jury trial, where Allied was found liable for multiple violations of the False Claims Act (“FCA”) and FIRREA. The conduct proven at trial involved:

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!