The federal government yesterday sued Deutsche Bank, saying the bank committed fraud and padded its pockets with undeserved income as it repeatedly lied in order to benefit from a government program that insured mortgages.
The civil complaint filed by Southern District U.S. Attorney Preet Bharara against Deutsche Bank and MortgageIT seeks more than $1 billion in trebled damages under the False Claims Act and alleges that the bank “repeatedly lied” about the quality of loans it included in the Federal Housing Administration’s mortgage insurance program.
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