US Bank pays $200M over mortgage practices

SOURCE: Mortgage News Feed

U.S. Bank has agreed to pay $200 million to resolve allegations about its shoddy mortgage practices insured by the Federal Housing Administration (FHA). The Justice Department on Monday said the bank acknowledged knowingly originating and underwriting mortgages insured by the FHA that did not meet legal requirements. As part of the settlement, U.S. Bank admitted that from 2006 through 2011 it repeatedly certified FHA insurance mortgage loans that did not meet Department of Housing and Urban Development underwriting requirements.

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http://thehill.com/policy/finance/211013-us-bank-pays-200-million-over-shoddy-mortgage-practices-with-fha-loans


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