The U.S. Department of Justice may pursue claims against other lenders after suing Deutsche Bank AG for more than $1 billion, alleging the firm lied while arranging federal insurance on faulty mortgages.
The Housing and Urban Development Department is examining loans insured through the Federal Housing Administration and may refer additional cases to the Justice Department, HUD's general counsel, Helen Kanovsky, said yesterday in an interview,
The suit alleges that Deutsche Bank submitted some 39,000 unsavory mortgage loans under the HUD program, of which a third are currently in default.
An attorney withWolf Haldenstein Rifkin said Deutsche Bank's legal liabilities will likely spike as the rest of the mortgages insured by the HUD program sour.
A Deutsche Bank spokeswoman described the civil suit as "unfair and unreasonable" and said that the firm would fight the claims, according to
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